Montecito Medical Enters Minnesota Office Market

The company acquired a Class A medical office building in Willmar. Fischer Laser Eye Center and Janning Ear, Nose and Throat Center are the property's two tenants.
1801 19th Ave. S.W.

Montecito Medical Real Estate has expanded its MOB portfolio by acquiring a 31,775-square-foot medical office building in Willmar, Minn. The Class A asset represents the flagship location for two practices—Fischer Laser Eye Center and Janning Ear, Nose and Throat Center—and marks the company’s first purchase in the Minneapolis-St. Paul metro area. Newmark Knight Frank facilitated the transaction.

The two-story building is located at 1801 19th Ave. S.W. and was completed in 2005. The majority of the space—80 percent—is leased to Fischer Laser, which has six other locations in central Minnesota. Its Willmar office includes an 8,000-square-foot ambulatory surgery center where patients can receive LASIK, cataract, cornea and refractive procedures. Janning ENT, which provides services addressing disorders of the ear, nose, throat, head and neck, occupies the rest of the space.

Including this MOB, Montecito completed 15 transactions this year. Another recent acquisition was for a 36,796-square-foot office building in Phoenix, the headquarters of Retinal Consultants of Arizona.  

Image via Google Street View