LL Capital Markets facilitates the $13.5 million sale and the $10 million acquisition financing of Thunderbird Medical Pavilion in Glendale, AZ

 

Mindy Berman

PHOENIX, AZ –  JLL Capital Markets has arranged the $13.5 million sale and the $10.1 million acquisition financing for a mission-critical, on-campus medical property, Thunderbird Medical Pavilion, totalling 92,811 square feet. The property is located at 5757 Thunderbird Rd., Glendale, Arizona.

 Thunderbird Medical Pavilion, Glendaale, AZ

JLL represented the seller, Banner Health, and procured the buyer, UDLR Healthcare. JLL also represented the buyer and borrower, UDLR Healthcare, in obtaining acquisition financing.

Pat Williams

The JLL Medical Properties Group Investment Advisory Sales team was led by Senior Managing Director Mindy Berman, Executive Managing Director Pat Williams, Director Matt DiCesare and Associate Liam Sorensen.

Matt DiCesare

JLL Medical Properties Group Debt Advisory team was led by Senior Managing Directors John Chun, Directors Anthony Sardo and Daniel Digeness and Associate Liam Sorensen.

 Liam Sorensen

"Thunderbird Medical Pavilion is a unique on-campus investment opportunity for discriminating owners of medical properties," said Berman.

 Troy Freeman

 "The property’s close association with Thunderbird Medical Center in a prime Phoenix location will allow for an aligned strategic partnership between the new landlord and Banner in the quest to build on existing services at the campus and increase occupancy in the building."

 Thunderbird Medical Pavilion hosts a diverse set of clinical users including imaging, cardiovascular surgery specialists, general surgery specialists, ear nose and throat physicians, and obstetrics/gynecology.

John Chun

Banner Health is the largest tenant in the building and is accompanied by other dominant, local physician groups. The property is 50 percent leased with 7.3 years of remaining lease term.

 New ownership has devised a strong business plan to attract new tenants to the property to support the growth of healthcare services offered on the medical campus.

Thunderbird Medical Pavilion is the only medical office building that is investor-owned on the campus of the 595-bed Banner Thunderbird Medical Center.

Banner Thunderbird is one of Banner’s largest and most profitable hospitals in the Phoenix area and is the dominant inpatient provider in a 10-mile radius.

Anthony Sardo

“The growth in patient demand for healthcare services at this campus is high,” said Troy Freeman, VP of Real Estate at Banner Health.

 “UDLR’s business plan will help advance this prime real estate to the next level, further supporting the mission of Banner Thunderbird and surrounding clinical locations on the campus.”

For more news, videos and research resources, please visit JLL’s newsroom.

 

 

 

Contact:

 

Alli Stent, Public Relations

Phone: +1 330 329 6750

Email: Alli.Stent@jll.com

 

jll.com.  

www.gipartners.com.

bannerhealth.com.

 

 

 

 

 

 

KBS Signs New 44,000-SF Lease Agreement With Wells Fargo Bringing Leasing to 96% at City View, a Class A Office Building in San Antonio, TX

Lindsey Tucker

 SAN ANTONIO, TX – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, announces that it has signed a new 44,258 square-foot lease agreement with Wells Fargo at City View, bringing the 221,373 square-foot Class A office building in San Antonio, Texas to 96% leased.

 Mark McGranahan

Lindsey Tucker, partner with Partners Real Estate represented KBS in the lease transaction. Mark McGranahan, principal with Avison Young and Steve Garza, partner with Partners Real Estate represented Wells Fargo.

 Steve Garza

“City View is a UL Verified Healthy Building for Indoor Air, is Energy Star certified, and has achieved WiredScore Gold status, which makes a meaningful difference for tenants who are increasingly focused on sustainability,” says Tucker. “The fact that City View is also located near transportation, shopping, dining and entertainment adds to its allure for San Antonio companies.”

City View, a 221,373 square-foot Class A office building in San Antonio, TX is 96% leased.

The transaction demonstrates the appeal of well-located premier office properties in key markets, according to Giovanni Cordoves, Regional President, Western U.S.

While challenges in the general economy and areas of the office sector persist across the country and in San Antonio, KBS is observing positive signs in the area,” says Cordoves.

 

“The region boasts a diverse economy that is balanced among major industries such as higher education, health & bioscience, information technology & cybersecurity, government and financial activities.

 

 San Antonio’s vacancy rate and asking rent is lower than all Texas markets and the national average for office product. City View is ideally situated in this market to attract top office-using companies.”

 

Built in 1986, City View is a 10-story office building with an additional partially below-grade ground floor and a five-level parking structure.

Brett Merz

The property, with its outstanding location at the corner of Interstate 10 and Huebner in northwest San Antonio, offers direct access to several major area highways including Loop 1604 and Loop 410. City View is also close to many of the area’s largest employers as well as premier residential areas including Bentley Manor, Huntington, Inverness, Shavano Park and The Dominion, notes Brett Merz, asset manager for City View and senior vice president of KBS.

 

“City View tenants appreciate that they can work at one of the finest office properties in the market and drive to San Antonio International Airport, San Antonio Downtown and the Riverwalk, the Shops at La Cantera and the University of Texas Health Science Center in 15 minutes or less,” says Merz.

 Giovanni Cordoves

With world-class on-site amenities including a fitness center, a state of the art conference center and bike storage, this property offers everything today’s companies are looking for in a San Antonio office building.”

John McCauley

While multiple Wells Fargo business groups will join the bank’s Wealth Investment & Management (WIM) group at the new location in 2024, WIM will not move until the end of next year, according to John McCauley, Wells Fargo Advisors Managing Director for South Texas.

 

 

Contact:

Arleeny Escarcega 

aescarcega@thesmartagency.com

JLL Capital Markets arranges the $30 million refinancing for the 407-unit Davis Creek Apartments in Portage, MI and the 152-unit Canterbury East in Mount Pleasant, MI

 

Jillian Mariutti 

NEW YORK, NY – JLL Capital Markets announced arranged the $30 million refinancing for the 407-unit Davis Creek Apartments in Portage, Michigan and the 152-unit Canterbury East in Mt. Pleasant, Michigan.

 

JLL worked on behalf of the borrower, The Millennia Companies, to secure the loan through Citigroup Inc.

 

The JLL Capital Markets Debt Advisory team was led by Senior Director Jillian Mariutti and Director Alex Staikos.

 Alex Staikos.

Davis Creek Apartments was built in 1969 and renovated in 2013. It consists of 33 studio apartments, 276 one-bedroom and 98 two-bedroom units, and community amenities include two enclosed dog parks, pavilions with picnic and grilling areas, a 24-hour emergency maintenance team and walking/jogging trails.

 

Situated at 5419 Meredith St., Davis Creek Apartments is conveniently located 15 minutes away from Downtown Kalamazoo and two miles away from I-94, providing access to Detroit in two hours.

The property’s location offers proximity to top employers, including Pfizer, Stryker and Bronson Healthcare, as well as numerous retail stores within a four-mile radius, such as ALDI, Target, The Home Depot, Kohl’s, Planet Fitness, Dick’s Sporting Goods and Best Buy.

 

Additionally, residents benefit from Portage’s extensive network of parks and recreational opportunities, including the Portage Creek Bicentennial Park and the Portage Bikeway.

 

Built in 1979, Canterbury East offers 82 one-bedroom units and 70 two-bedroom units and features a swimming pool, community room, 24-hour fitness center and basketball courts.

 

Located at 1517 Canterbury Trail, the property is a five-minute drive to Downtown Mt. Pleasant, a 1.5-hour drive from Grand Rapids and a 2.5-hour drive from Detroit.

 

Residents benefit from the 1,000 acres of parkland and 18 preserves within Mt. Pleasant, as well as access to nearby employers, including Central Michigan University, McLaren Central Michigan Hospital and the Soaring Eagle Casino and Resort.

 

Canterbury East is also a ten-minute drive from East Broadway Street, a growing retail corridor with numerous restaurants, bars and shops.

 

Contact:

 

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com