Nashville, Tennessee-based Montecito Medical Real Estate has been expanding its footprint in New York's Buffalo-Niagara region, and its recent acquisition of Windsong Medical Park in Williamsville, New York, won the 2023 CoStar Impact Award Sale/Acquisition of the Year for Buffalo.
“We have deployed a significant amount of capital in the Buffalo area, and we continue to be attracted by the medical office opportunities here,” said Montecito Medical CEO Chip Conk.
For a price of $28.75 million, Montecito Medical acquired the two-story, 83,000-square-foot office park at 45-55 Spindrift Drive from Windsong Radiology Group, which maintains its main campus in the medical park. With four additional locations across Western New York, Windsong Radiology Group is a dominant practice in the region.
The deal took the better part of a year to complete, said Dr. Thomas Summers, president of the medical park. “This seemed a natural progression, allowing us to focus more time on our patients,” Summers said. “We are confident that, with Montecito’s experience specific to medical facilities, they will continue to maintain our site as the premier medical facility in Western New York.”
Kaleida Health leases 25,000 square feet in the park, and the third tenant is General Physician's orthopedic group, housed in about 3,290 square feet.
About the project: This is Montecito's second medical facility acquisition in the region. In November, it purchased a property occupied by the Ambulatory Surgery Center of Western New York in Amherst, New York.
What the judges said: Judges Tim Malchow and Brandye Merriweather pointed out that the deal further establishes Western New York's prominence for state-of-the-art healthcare services.
They made it happen: Tyler Rhoades, director of acquisitions, Montecito Medical Real Estate.