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April 22, 2014

National firm buys central Maine medical buildings

A national medical real estate investment firm has purchased $19 million worth of medical buildings in central Maine, including one leased by MaineGeneral Health in Oakland.

The Bangor Daily News reported that Montecito Medical Operating Co. has purchased the $4.3 million medical building at Oakland's FirstPark business park, which hosts services for mammograms, bone density screenings, lab work, orthopedics and rehabilitation. Earlier in February, the real estate firm purchased a $14.7 million building in Augusta that contains MaineGeneral Health's Musculoskeletal Center. Use of both buildings will go unchanged.

Dan Greenstein, a broker at CBRE The Boulos Co. in Portland involved with the deals, told the BDN that smaller markets like Maine have become more attractive to national buyers as yields in primary markets like New York City continually decrease. He said investor interest in medical buildings has increased because of national health reform and demographic trends.

Montecito Principal Chris Conk told the BDN his firm is considering other areas in the region for future purchases, noting that institutions with good credit and good operating history, like MaineGeneral Health, are considered top candidates for investment decisions.

Montecito, a leading firm in the medical real estate industry, invested $90 million in medical buildings nationwide last year.

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