JLL facilitates sale of medical office near Salt Lake City, UT

 

 Granger Medical Clinic, a newly constructed,
94,834-square-foot, Class A medical office
 building at 2965 West 3500 South 
in West Valley City, UT 

SALT LAKE CITY, UT – JLL Capital Markets has facilitated the sale of and arranged acquisition financing for Granger Medical Clinic, a newly constructed, 94,834-square-foot, Class A medical office building in West Valley City, Utah.   

Andrew Milne

JLL marketed the property on behalf of the seller, Granger Medical Clinic. AEW and Montecito Medical Real Estate acquired the property. Additionally, JLL worked on behalf of the new owner to secure the acquisition financing.

 The property is a four-story, build-to-suit medical office that is master leased to Granger Medical Clinic with other local healthcare partners subleasing a portion of the building.

With an occupancy of 100 percent and a remaining lease term in excess of 13 years, the property provides stable and predictable long-term cash flow.

Evan Kovac

Located at 2965 West 3500 S., Granger Medical Clinic is situated in the infill submarket of West Valley City within the Salt Lake City MSA.

 The property is positioned along a busy commercial corridor close to Jordan Valley Medical Center West and just west of Interstate 215. 

Granger Medical Clinic is one of the primary anchors of Fairbourne Station, a master-planned transit-oriented mixed-use redevelopment project defining the downtown district of Utah’s second-largest city, West Valley City. 

 The JLL Healthcare Capital Markets team representing the seller was led by Managing Directors Andrew Milne, Evan Kovac and Phil Brierley with support from Niema Beglari, Trent Jemmett and Chad Prescher. JLL’s Vice President Jami Marsh provided local healthcare expertise.

Phil Brierley

JLL’s Healthcare Capital Markets team spearheading the financing efforts included Senior Managing Director Daniel Turley and Managing Directors John Chun and Mark Root.

 Michael Byrne, CIO and head of Private Equity and Debt for AEW, said the acquisition represents “AEW’s continued expansion into demographically driven healthcare real estate strategies.

"Our long-term investment in these types of assets represents part of AEW’s overall strategy to aggregate defensive healthcare-related assets, such as medical office, seniors housing, ambulatory surgical centers, independent rehabilitation facilities and other assets that are critical for our aging demographic.”

Niema Beglari

“There has been a consistent shift of healthcare services away from hospital settings and into outpatient clinics, bolstering the need for medical office space," said Mark Morrison, Senior Portfolio Manager, AEW Private Equity

 "Demand has doubled in the last 20 years and is expected to grow 20 percent over the next 10 years.”.

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

Daniel Turley

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.

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 About Granger Medical Clinic

Granger Medical Clinic was founded in 1954 by Doctors LaVere Poulsen and Glenn Wilson.

The two providers came together with the hope of better serving the Granger community (now West Valley City) on the west side of the Salt Lake valley.

They were the first (and at the time, only) physicians in Utah west of the Jordan River to serve a growing population that had previously needed to travel east to find a provider.

Contact:

Cierra Lacasse

JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com