Montecito Snags 63 KSF Chicago-Area MOB

By Alex Ciorogar

Franciscan Health Dyer Hospital

Montecito Medical Real Estate has acquired a 63,486-square-foot medical office building in Dyer, Ind., on the campus of Franciscan Health Dyer Hospital, one of the largest acute-care hospitals in Northwest Indiana. The health system includes 14 hospitals with more than 18,000 employees. Built in 2008, Medical Pavilion South is a four-story health-care facility. According to Montecito Medical, the property is 92 percent leased.

The Franciscan Alliance Inc. anchors the building, occupying four suites totaling 44 percent of the rentable area. More than half of Franciscan Alliance’s occupied space is dedicated to its Senior Health and Wellness program, which provides comprehensive, coordinated healthcare. Additional specialties provided by Franciscan Alliance include pediatrics, primary care and OB-GYN.

Other major tenants include Nephrology Associates of Northern Illinois—the largest nephrology practice in the Midwest with more than 75 physicians—which occupies 18 percent of the building and provides dialysis services and Cardio Specialists Group, which leases 19 percent of the building and consists of 17 providers serving Chicago Southland and Northwest Indiana.

In a recent deal, Montecito Medical acquired the Clearfield Portfolio, a medical campus in Virginia Beach, Va.

Photo via Google Street View