Phoenix-area medical office building trades for $29 million sale

PHOENIX, Mar. 21, 2023 – JLL Capital Markets announced today that it closed the $29 million sale of Banner Health Center - Peoria, a fully leased, 68,000-square-foot medical building in Peoria, Arizona.

JLL represented the seller, Banner Health, and procured the buyer, Montecito Medical Real Estate.

The Banner Health Center is a three-story medical office building situated on 5.68 acres. The property features a multi-specialty ambulatory surgery center with three operating rooms, advanced imaging and primary and specialty care. It is leased on a single tenant basis to Banner Health.

Located at 13640 N Plaza Del Rio Boulevard, the Banner Health Center is a key outpatient location for Banner Health, serving its patients in the northwest Phoenix metro area. It is less than two miles from the 410-bed Banner Boswell Medical Center.

The JLL Healthcare Capital Markets Advisory team consisted of Senior Managing Director Mindy Berman, Director Matt Dicesare and Managing Director John Chun along with Phoenix market leader, Executive Managing Director Pat Williams.

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.

Banner Health is one of the largest, secular nonprofit health care systems in the country. In addition to 30 acute-care hospitals, Banner also operates an academic medicine division, Banner – University Medicine, and Banner MD Anderson Cancer Center, a partnership with one of the world’s leading cancer programs, MD Anderson Cancer Center. Banner’s array of services includes a health-insurance division, employed physician groups, outpatient surgery centers, urgent care locations, home care and hospice services, retail pharmacies, stand-alone imaging centers, physical therapy and rehabilitation, behavioral health services, a research division and a nursing registry. To make health care easier, 100% of Banner-employed doctors are available for virtual visits, and Banner operates a free 24/7 nurse line for health questions or concerns. Patients may also reserve spots at Banner Urgent Care locations and can book appointments online with many Banner-employed doctors. Headquartered in Arizona, Banner Health also has locations in California, Colorado, Nebraska, Nevada and Wyoming. For more information, visit bannerhealth.com.

Montecito Medical is one of the nation’s largest privately held companies specializing in medical and veterinary real estate acquisitions and partnering with providers and developers to fund development of new properties. The company also supports providers with a suite of AI-powered technology solutions that increase revenues, reduce costs and build physician wealth. Since 2006, Montecito has completed more than $5 billion in medical and veterinary real estate transactions. Headquartered in Nashville, TN, the company has been named for five consecutive years as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Real Estate Forum. For more information, please visit montecitomac.com.