A medical investment company has purchased a specialty hospital and two ambulatory surgery centers in Kansas.
The Montecito Medical Investment Co. bought the facilities with Harrison Street Real Estate Capital for an undislosed amount of cash.
The purchases include ambulatory surgery centers with two and four procedure rooms, and a 10-bed acute care hospital with 10 beds and four operating rooms.
Montecito, which now owns 40 medical properties in 13 states, said it's using a new market research approach to identify potential purchases.
In April, Montecito formed a division called Montecito Medical Ventures to identify venture capital and partnership opportunities that could involve physician groups in key markets. The division focuses on markets where it identifies a need for expanded medical services and where it finds partners in the local provider community.
"As healthcare systems feel financial pressure to renovate their facilities, update their technology and provide state-of-the-art care, they are finding that divesting their real estate to a real estate investment company offers them the capital needed to focus on the business of medicine," said Michael Burress, managing partner of MMV. "Montecito Medical's investment into the Leawood portfolio represents a trend of healthcare providers monetizing their medical real estate by selling their bricks and mortar asset, leasing it back and retaining operation of the facility, all of which ultimately benefits their patients."