Investment activity in the medical outpatient building (MOB) sector remained concentrated among a relatively small group of highly active buyers in 2025, underscoring the asset class’s continued appeal amid broader real estate uncertainty.
Leading the field by a wide margin is Montecito Medical Real Estate, which closed 29 MOB acquisitions throughout the year, according to data captured in our LevinPro HC platform. That pace is slightly ahead of the 27 transactions the company completed in 2024, and represents a remarkable volume for a single buyer in the current rate environment. Notable 2025 transactions include the firm’s largest portfolio acquisition of the year (a 16-building national medical outpatient portfolio acquired alongside Fengate Asset Management) and the $36 million purchase of a flagship orthopedic and surgery center in Warwick, Rhode Island. The Nashville-based firm has now completed more than 130 MOB deals over the past four years combined.
A distant second place is shared by Pantheon Ventures and Elliott Bay Capital. The two firms partnered on 11 MOB transactions in 2025 and have emerged as one of the most consistent buying duos in the space.
Remedy Medical Properties, Crown MedRealty Partners and Flagship Healthcare Properties each completed eight MOB acquisitions, while Woodside Health followed closely behind with seven. Kayne Anderson Real Estate also completed five joint ventures with Remedy Medical Properties, including the $7.2 billion acquisition of a 296-property portfolio from Welltower, comprising approximately 18 million square feet across 34 states. The transaction further underscores Remedy’s central role in the year’s largest portfolio recapitalizations.
Three buyers recorded four acquisitions each: Heitman LLC (one joint transaction with Global Medical REIT and three alongside Woodside Health), TPG Angelo Gordon (highlighted by a 10-building portfolio acquired jointly with Altera Fund Advisors) and Anchor Health Properties (in Texas, California, Arizona and New Jersey).
A handful of other platforms, including Cypress West Partners, Healing Realty Trust and SG Property Services, completed three deals each, while more than a dozen additional firms closed two MOB deals during the year.
Overall, MOB investment activity in 2025 reflects a market shaped by scale, collaboration and sustained demand for outpatient care. While deal volume remains concentrated among top investors, continued participation across a broad base of buyers suggests resilience in the MOB sector as the year progresses. Strong health-system credit, the ongoing migration of procedures to outpatient settings, and resilient occupancy continue to set the asset class apart from the headwinds facing traditional office properties.
Early 2026 transaction data shows continued momentum in the MOB sector, with 36 deals announced as of February 12, slightly ahead of the 31 deals in the same period of 2025. Montecito Medical leads decisively yet again, already announcing eight acquisitions across Florida, Georgia, California, Ohio and Arizona. With stabilizing interest rates, limited new supply and persistent demand for outpatient facilities, the sector looks set for another active year of strategic acquisitions and portfolio growth, with prolific buyers like Montecito leading the charge.
Recent earnings calls from leading healthcare REITs add further color. Welltower‘s latest guidance projects 2% to 3% same-store NOI growth for its Outpatient Medical segment in 2026, pointing to steady fundamentals even as the company continues divesting certain assets. Combined with persistently low new supply and strong underlying demand for outpatient services, this supports expectations for sustained investor interest and deal flow through the year.
