JLL Capital Markets led sales efforts for on-campus Ironwood Medical Pavilion II in Queen Creek, Arizona
News release
02 October 2023
High-profile medical office building trades for $23.3M in the greater Phoenix area
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PHOENIX, Oct. 2, 2023 – JLL Capital Markets, Medical Properties Group, announced today that it arranged the $23.3 million sale of Ironwood Medical Pavilion II, an on campus 61,302 square foot medical office building in Queen Creek, Arizona, within Phoenix’s Southeast Valley.
JLL worked on behalf of the seller, a joint venture between Plaza Companies and Ryan Companies US, Inc., and procured the buyer, Hammes Partners.
Delivered in 2019, Ironwood Medical Pavilion II is 99% leased to a variety of highly specialized medical practitioners and anchored by Banner Health, Arizona’s largest health system and the largest employer in the state of Arizona. The property is located on the campus of Banner Ironwood Medical Center. Queen Creek is a rapidly growing suburb of Phoenix that has seen a substantial influx of new residents, resulting in a population forecasted to grow 76% over the next 10 years.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Evan Kovac, John Chun, Mindy Berman and Director Matt Dicesare, of the Medical Properties Group, and locally by Senior Managing Director Ben Geelan and Senior Director Will Mast.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Ryan Companies
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, designer, builder, capital markets advisor and real estate manager with a focus on creating places for people to thrive. Ryan work spans a wide range of sectors and product types including healthcare, hospitality, industrial, mixed-use, multifamily, office, retail, and senior living. Built on the foundation of integrity, honesty and community, Ryan has grown to more than 1,800 team members in 17 offices and has completed projects in nearly every state. For more information, visit ryancompanies.com.
About Plaza Companies
Plaza Companies, based in Peoria, Arizona, is an esteemed leader in the developing and managing of medical office and commercial office properties, technology and bioscience facilities, mixed-use properties and senior housing communities. Since its founding in 1982, this full-service, specialized real estate firm has established a proud portfolio stretching across the greater Phoenix area of more than 14 million square feet in properties developed, leased or managed and valued at more than $1 billion. For more information about Plaza Companies, visit ThePlazaCo.com.