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Montecito Medical Acquires Summit Medical Centers

Posted on: Tuesday, 10 July 2007, 18:22 CDT

Montecito Medical Investment Company (MMIC) announced the acquisition of Summit Medical Centers, a Class A medical campus located on ten acres in Bayonet Point, FL. Summit Medical Centers is comprised of three buildings totaling 49,925 square feet.

Specialists in the medical centers include a diverse group of physicians including general practitioners, orthopedics, oncologists, ophthalmologists, spine specialists and gastroenterologists. By providing a wide variety of complementary medical services and its close proximity to the award winning Hospital Corporation of America (HCA) Regional Medical Center, Summit Medical Centers is extremely well positioned to meet the market demand for health care. The properties are located within close proximity to the HCA Regional Medical Center, which has been named a Top 100 US Hospital many times and has won numerous Distinguished Hospital Awards for Clinical Excellence.

This is Montecito's 22rd acquisition in the last 13 months and builds upon their strategy to continue acquiring well-located hospitals and medical office buildings in various key markets across the country. Montecito plans to accumulate 5 million square feet of medical properties over the next twelve months.

"MMIC is thrilled to add Summit Medical Centers to our portfolio," explained Chip Conk, president and CEO of Montecito Medical. "This property is strategically located near one of the nation's best hospitals and serves the west coast of Florida from Naples to Tallahassee."

About Montecito Medical

MMIC is one of the largest privately held companies specializing in acquiring and developing medical related real estate. Montecito Medical is dedicated to being the preferred resource for healthcare systems seeking a partner with a proven record as a stable, long term holder of real estate. Montecito Medical provides innovative disposition solutions for medical real estate owners who wish to monetize their equity allowing them to improve their facilities, technology and patient care. MMIC is one of the nations fastest growing buyers of medical real estate, owning properties from coast to coast. For more information, please visit www.montecitomedical.com.

Source: Business Wire

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