Montecito Expands Footprint With South Carolina MOB

166 Stoneridge Drive, Columbia. S.C. Image courtesy of CommercialEdge

Montecito Medical has purchased a 120,000-square-foot medical office building in Columbia, S.C. Spirit Realty sold the asset for $48 million, according to CommercialEdge data. The acquisition was financed with a $31.2 million loan, provided by First Citizens Bank’s Healthcare Finance group.

The property last traded in 2014, when the previous owner bought the building for $38.5 million, the same data provider shows.

Built in 2003, the two-story Class A building sits on 10.3 acres, includes 2,000 square feet of retail space and offers controlled access and 496 parking spaces. The property is a cancer treatment center leased to South Carolina Oncology Associates, which provides medical, radiation, gynecology, oncology and patient support services.

The property is located at 166 Stoneridge Drive, just 3.4 miles from downtown Columbia and offers access to Interstate 126. Other medical facilities in the area include Prisma Health Adolescent Recovery Center, Cayce West Columbia Primary Care Center and Lexington Medical Center, among others. Prisma Health Baptist Hospital is 3.2 miles away.

The transaction was the largest medical office purchase in the Columbia market closed in the past year and the only Class A building out of the nine properties that traded, CommercialEdge data shows.

Recent Montecito transactions

Montecito Medical continues to expand its medical office portfolio across the U.S. This month, the company added another property to its Dallas footprint, its 15th Metroplex buy in the past two years, with the acquisition of a 31,247-square-foot medical office in Plano, Texas.

A significant transaction took place earlier this year in January, when the company sold a collection of 13 properties in eight states totaling 300,328 square feet. The medical office portfolio was acquired by a joint venture of Remedy Medical Properties and Kayne Anderson Real Estate. The fully leased assets traded for $131 million.