Medical office building mergers, acquisitions up 14% in Q1

Medical office building mergers and acquisitions were up 13.7 percent in the first quarter of 2023 and up 5 percent from the same period last year. 

Medical office building spending increased by 21.3 percent over the last quarter, hitting $991 million in the first quarter, according to an April 14 press release. 

The largest medical office building sale with a disclosed price in the first quarter was for $190 million. 

Tennessee saw the highest number of mergers and acquisitions in quarter one with 11 deals, followed by California, Illinois, Florida and Texas. 

Montecito Medical was the busiest acquirer in the market, obtaining 261,307 square feet of property across the country. The real estate investment firm's most expensive transaction of the quarter reached $48 million. 

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