Montecito Medical Investment buys 14-building portfolio

Montecito Medical Investment Realty snapped up a 14-building, 583,784-square-foot medical office building portfolio of properties in Florida, Indiana, Virginia and Arizona.

They were sold by The Greenfield Group, based in Boca Raton, Fla. The price was not disclosed.

The properties are scattered throughout the United States, including 10 properties in Florida, two in Indiana, one in Virginia and one in Arizona.

Broad Street Advisors arranged equity for the buyer, Montecito Medical Investment Realty, an affiliate of Montecito Property Company. Robert Rizzi, Executive Vice President and partner at Broad Street, handled the transaction.

"We were able to structure the transaction in about three weeks, which is a testament to the quality of the deal and to Montecito as the buyer. Montecito plans to convert most of the buildings to medical office condominiums", said Rizzi.

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