Montecito Medical Grows Portfolio With Twin Cities Asset

The Minnesota Women’s Care clinic in Woodbury, Minn., encompasses 32,711 square feet. Image courtesy of Montecito Medical

Montecito Medical has acquired Minnesota Women’s Care, a 32,711-square-foot medical office building in Woodbury, Minn. Obgyn Consultants PLLC sold the asset for $9.8 million, according to Washington County records.

The same source shows that earlier this month Montecito Medical received a $141 million portfolio loan from Capital One, with a maturity date set for 2028.

Minnesota Women’s Care offers such medical services as treatment for complex gynecological conditions, pelvic floor disorders, urogynecology, bio-identical hormone replacement therapy, chronic pain management and annual wellness, among others. The medical provider group serves the Twin Cities area and has three locations in Minnesota, namely in Maplewood, Woodbury and Apple Valley, as well as a medical office building in Hudson, Wis.

Located at 1687 Woodlane Drive, the property is near Interstate 494, less than 9 miles from downtown Saint Paul and some 20 miles from Minneapolis. Other medical providers in the surrounding area include Woodbury Medical Plaza, Medifast, HealthMax Progressive Medicine and Woodbury Medical.

Since October 2022, four primary medical office properties changed hands in the Minneapolis-St. Paul market, totaling 256,180 square feet, CommercialEdge data shows.

Montecito Medical has acquired medical facilities in 35 U.S. states, valued at more than $5.1 billion. In the last few months, the company expanded its Virginia portfolio with the acquisition of a 209,000-square-foot medical office building in Roanoke. Completed in 2021, the asset changed hands for $21.6 million.