TUCSON, Ariz. (October 20, 2023) -- Montecito Medical, a Nashville-based REIT, acquired the Pain Institute of Southern Arizona office building at 4741 East Camp Lowell at the Swan Corporate Center in Tucson for $2.9 million ($597 PSF) in a sale-leaseback agreement.
The Pain Institute of Southern Arizona (PISA) is a medical practice specializing in Interventional Pain Management. The Regional Pain Institute (RPI) joined the PISA practice and has helped expand quality patient care to Queen Creek/San Tan Valley and Apache Junction, Arizona.
Their team of renowned Interventional Pain Management Specialists, with training from world-class institutions such as the Mayo Clinic, Stanford, and Harvard, deliver state-of-the-art treatments and procedures. Their goal is to help patients find relief from pain—allowing them return to an enjoyable quality of life. They have multiple locations in Tucson, Queen Creek/San Tan Valley, and Apache Junction.
Independent provider groups such as PISA are a key source of acquisitions for Montecito that want to monetize their real estate to meet the particular needs of their practices. In late June, RevistaMed reported that seller activity by these providers in Q1 of 2023, while lower than a year ago, surpassed transaction activity for any quarter during the five years before the COVID-19 pandemic. These market trends are reflected in the opportunities currently being seen.
“In the first half of 2023, Montecito Medical reviewed nearly $10 billion in acquisition opportunities,” said Chip Conk, Montecito Medical CEO, in a written statement. “The sheer volume of these opportunities enables us to be highly selective about the deals we choose to underwrite.”
Mark Irvin, CCIM, SIOR, and Janine Irvin, with Mark Irvin Commercial Real Estate Services, represented the seller, PISA Real Estate.
Mark and Janine Irvin can be reached at 520.620.1833 for more information.
To learn more, see RED Comp #10917.