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Catalyst and National Acquire a 244,500 Square-Foot Clinic Campus in Great Falls, Montana

PENSACOLA, FL – Catalyst Healthcare Real Estate (Catalyst), a full-service healthcare real estate investment firm, and National Real Estate Advisors, LLC (National), an investment manager developing and managing large-scale real estate projects on behalf of its clients, are excited to announce the acquisition of the Great Falls Clinic Campus, a 244,500 square foot, three-building portfolio (Campus) in Great Falls, Montana.

The Campus currently consists of a surgical hospital, an ambulatory surgery center (ASC), and a medical office building (MOB). The surgical hospital is undergoing a 58,800 square foot expansion that will increase the number of in-patient and ICU beds while enhancing other inpatient services. The ASC recently completed a renovation project adding an operating room, bringing the total count to four. The 108,000 square foot MOB is attached to the surgical hospital and provides services including imaging, oncology, and orthopedics. All three assets are master leased to the Great Falls Clinic and are strategically located to provide a variety of healthcare services to the Central Montana Region.

“This acquisition allows Catalyst to partner with a market leading operator in the Great Falls Clinic and Surgery Partners. The $63 million expansion project will provide tremendous growth opportunities for the Great Falls Clinic to meet the growing demand for healthcare services in Montana,” said Alex Stacy, Chief Operating Officer of Catalyst.

“Since establishing our joint venture partnership with Catalyst at the beginning of 2022, we have been able to significantly grow and diversify our nationwide medical office portfolio,” said Jeffrey Kanne, President and CEO of National. “We are thrilled to continue this substantial expansion with the acquisition of this critical three-building campus.”

This investment will be Catalyst’s first in Montana, expanding its geographic presence in the Mountain West Region. Catalyst’s investment to fund the expansion will help further cement Great Falls Clinic’s foothold in healthcare delivery and lead to future opportunities.



Catalyst is a national, full-service healthcare real estate investment firm. Our platform of integrated real estate deliverables is specifically designed for the ever-evolving landscape of healthcare. Our team seeks to positively impact healthcare with strategic investment in development, acquisition, and strategy services. For more information, please visit

Bella Costa, Marketing Coordinator; 850-607-6069 Ext. 134