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| Banner Health Center, Phoenix, AZ |
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| Tivon Moffitt |
PHOENIX, AZ – Strong
investor demand for well-occupied medical office space has spurred the sale of
a state-of-the-art, build-to-suit facility in Phoenix that is fully leased to
Banner Health.
The sale was completed by the Phoenix office of JLL for
Minneapolis-based Ryan Companies to Inland Real
Estate Acquisitions LLC, on behalf of Inland-related parties.
“This sale underscores
a strong and steady demand for medical net lease assets in Phoenix and across
the nation, particularly when buildings are leased to industry leading tenants
such as Banner Health,” said JLL Senior Vice President Tivon Moffitt.
Moffitt represented Ryan
Companies in the sale along with JLL Senior Managing Director Dennis Desmond and Senior Vice
President Peter Bauman. “The fact that the
building was constructed by a market leader like Ryan Companies only adds to
its value.”
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| Dennis Desmond |
Located at 4375 E.
Irma Ln. in Phoenix, the Banner Health building totals 29,350 square feet of
Class A medical office space built in 2018.
It is situated near the corner of Tatum Boulevard and the
Loop 101, with direct visibility from the Loop 101 freeway and close proximity
to State Route 51 and Interstate 17.
It also sits in the desirable Desert Ridge
community, featuring high-end residential neighborhoods and a mix of premier
office, retail, restaurant and entertainment developments.
The medical office
building provides primary and specialized care services.
“Banner Health was a
tremendous addition to the Desert Ridge Community,” said John Strittmatter,
Chairman, Southwest for Ryan Companies. “We were pleased to work with JLL and
Inland Real Estate Acquisitions LLC on the sale of the property.”
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| Peter Bauman |
According to JLL, the
greater Phoenix medical office market decreased in the second quarter to a
post-recession vacancy low of 13.6 percent.
“Our team has sold
properties to Inland Real Estate Acquisitions LLC in markets across the
country,” said Bauman. “We are pleased to help them continue to expand their
medical office portfolio holdings at a time when demand and stability are so
high.”
JLL (NYSE: JLL) is a
leading professional services firm that specializes in real estate and
investment management.
Our vision is to reimagine the world of real estate,
creating rewarding opportunities and amazing spaces where people can achieve
their ambitions. In doing so, we will build a better tomorrow for our clients,
our people and our communities.
JLL is a Fortune 500 company with nearly
300 corporate offices, operations in over 80 countries and a global workforce
of 83,500 as of March 31, 2018. JLL is the brand name, and a registered
trademark, of Jones Lang LaSalle Incorporated.
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| John Strittmatter |
In 2017, the Phoenix team completed 35.7 million square feet in lease and sale transactions valued at $1.9 billion, directed $112 million in project management and currently manages a 24.2 million-square-foot portfolio.
For more information, please contact:
Stacey Hershauer
Phone: +1
480 600 0195
Email: stacey@focusaz.com
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