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Med Office Daily - August 13, 2025

Med Office Daily - August 13, 2025

IPA closes $27.5M Maryland Trade Center III sale. Montecito buys RI orthopedic MOB. HSHS St. Elizabeth’s $50M surgery & MOB groundbreaking. Simone Development leases 9,267 SF. Six new MOB deals.

Matt H & Maham Riaz
August 13, 2025

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NEWS ROUNDUP

ACQUISITION: Institutional Property Advisors arranges $27.5M sale of Maryland Trade Center III in Greenbelt, Maryland. The transaction of 192,000 SF, Class A MOB was brokered by IPA’s Robert Filley and Chez Eider, along with Brian Hosey, Marcus & Millichap’s broker of record in Maryland. The property is 75% leased and anchored by Luminis Health. The buyer, CPF-HCRE – Greenbelt LLC, is an affiliate of Chicago Pacific Founders. Lindsay Stroud of IPA Capital Markets provided debt advisory services. Joel Waldman represented Greenbelt LLC in the transaction.

ACQUISITION: Montecito Medical acquires orthopedic MOB and surgery center in Rhode Island. The 67,186 SF, Class A orthopedic medical office and surgery center is leased to Ortho Rhode Island and Spire Orthopedics. Located in the Providence metro, the asset supports comprehensive outpatient musculoskeletal care. SVP of investments Rus Gudnyy and CEO Chip Conk represented Montecito Medical in the transaction.

DEVELOPMENT: HSHS St. Elizabeth’s Hospital breaks ground on $50M surgery center and MOB in O’Fallon, IL. The three-story, 70,000 SF outpatient surgery center and medical office building feature four ORs, two procedure rooms, advanced imaging, and clinic space for specialty care. The project received CON approval from the Illinois HFSRB in March 2025 and is slated for completion in spring 2027. The groundbreaking was led by Chris Klay, alongside Mayor Eric Van Hook, Dr. Sarah Gass, Dr. Scott Couch, Nathan Klitzing, Father Jim Deiters, Julia Yank, and Barbara Cempura.

Lease Signing: Simone Development Companies inks 9,267 SF in two new leases at 1733 Eastchester Road, Bronx. Bronx Endovascular Center leased 6,663 SF on the ground floor, represented by Laurence London & Co., while Catholic Charities – Beacon of Hope signed a 2,604 SF lease on the second floor. Simone’s in-house leasing and legal teams negotiated both deals. Two second-floor units remain available, measuring 2,666 and 5,195 SF. President Joe Simone represented Simone Development in the lease signing.

READ: MOB sales hit 9-Year low in Q2 2025 despite record demand, RevistaMed reports.