University Hospitals has purchased the site of its Beachwood Medical Center for $62 million, putting both the facility that it had been leasing and the land at 25501 Chagrin Blvd. under UH ownership, according to Cuyahoga County land records.
The deed was transferred on Jan. 20. The seller was Delaware-based MMAC-FCA BEACHWOOD LLC, which is controlled by Nashville-based Montecito Medical, a real estate firm that finances, designs and develops medical facilities. Montecito had purchased the property in April 2021 for $58,250,000, according to previous CJN reporting.
The 69,800-square-foot hospital broke ground on the 4.9-acre space in 2018 and opened in April 2019. It features 25 beds, a 24-hour emergency room, and specializes in pain management, urology, spine and orthopedics. The hospital also features a Bikur Cholim room for patients and their families…