Home Industries Health Services Montecito Medical purchases surgery center leased by Ortho RI and Spire

Montecito Medical purchases surgery center leased by Ortho RI and Spire

Updated at 10:20 a.m.

By

Katie Castellani

-

08/04/2025

Orthopedics and surgery center — MONTECITO MEDICAL, an investor in medical office real estate nationwide, has purchased an orthopedic and surgery center in Rhode Island leased by Ortho Rhode Island and Spire Orthopedics. / COURTESY ORTHO RHODE ISLAND

WARWICK – An investor in medical office real estate nationwide has purchased a Class A orthopedic and surgery center in Rhode Island. Montecito Medical, a firm specializing in medical and veterinary real estate acquisition based in Nashville, Tenn., on July 22 announced that it purchased the offices in Warwick leased by Ortho Rhode Island and

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WARWICK – An investor in medical office real estate nationwide has purchased a Class A orthopedic and surgery center in Rhode Island. Montecito Medical, a firm specializing in medical and veterinary real estate acquisition based in Nashville, Tenn., on July 22 announced that it purchased the offices in Warwick leased by Ortho Rhode Island and Spire Orthopedics. Spire and Ortho RI partnered in June 2024. Ortho RI was formed in 2015 as the result of a merger of four practices in Rhode Island. Spire, backed by a New York-based private-equity firm, is a physician-owned organization that provides management services to more than 40 orthopedic and spine practices throughout New York, Connecticut, Rhode Island and Massachusetts. According to Montecito Medical, the facility spans 67,186 square feet. A representative for Montecito Medical did not respond to Providence Business News’ questions on the purchase price or specific address of the offices. Ortho Rhode Island’s website says it is headquartered, and has a surgery center, at 300 Crossings Blvd. in Warwick. This space spans 65,646 square feet and was assessed at $15.9 million in 2025, according to Warwick’s tax assessor database. A warranty deed filed July 11 shows Montecito Medical purchased the property for $36 million. Cushman & Wakefield brokered the deal on behalf of the seller, which is listed in the deed as Crossings Realty LLC. “This acquisition underscores Montecito’s continued focus on quality,” said Rus Gudnyy, senior vice president of investments at Montecito Medical. “We’re building a portfolio that aligns with long-term health care trends – anchored by providers who deliver specialty-driven, community-based care in markets with durable demand.” The Warwick facility adds to Montecito’s growing portfolio spanning more than 35 states. “As we continue to expand nationally, we’re focused on investing in properties that support innovation and improve access to care,” said Chip Conk, CEO of Montecito Medical. “This acquisition reflects the strength of our relationships with top-tier physician groups and reinforces our position as a trusted capital partner in the health care real estate sector.” Representatives for Spire did not immediately respond to PBN’s request for comment.

“We are excited to partner with the Montecito team,” said Dr. Michael Bradley, CEO and president of Ortho RI. “Their extensive experience and unwavering commitment to patient care made them a clear and natural choice as we sought a strategic facilities partner.” (UPDATE: Adds price of transaction in 6th paragraph and comment from Ortho RI in 11th paragraph.)

Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.