TUCSON, ARIZONA – Sunbelt Holdings, the developer of La Estancia MPC, the latest master planned community in Tucson, is gaining a Micro-Hospital at its award-winning community. Tucson Micro-Hospital, LLC, an affiliate of Tenet Healthcare Corporation, bought 3.96 acres of raw land for $690,600 ($4 PSF) to construct a 25-bed micro-hospital. Ground breaking is expected to be within weeks.

The micro-hospital will be located at the Wilmot Road entrance of La Estancia and focus on providing emergency and lower acuity inpatient procedures, with an around the clock emergency center staffed by board-certified emergency physicians. Additional services include inpatient surgery, diagnostic imaging, laboratory and pharmacy.

A fairly new concept in Arizona, similar micro-hospitals built by Tenet in Phoenix and Marana have a footprint and design within a 32,500-square-foot building. See also Real Estate Daily News article Micro-Hospital Site sells in Marana at Cortaro Ranch

Tenet Healthcare Corporation is a diversified healthcare services company with 115,000 employees. Through its subsidiaries, partnerships and joint ventures, including United Surgical Partners International it recently acquired, the Company operates general acute care and specialty hospitals, ambulatory surgery centers, urgent care centers and other outpatient facilities in the United States and the United Kingdom.

La Estancia is a 565-acre community, located along the I-10 corridor between Wilmot Road and Kolb Road, and offers residents access to the nearby Julian Wash trail system. The community is within close proximity to the University of Arizona Tech Center, Amazon fulfillment Center, the David-Monthan Air Force Base, Tucson International Airport and in the highly-ranked Vail School District.

Greg Mohl, Vice President at Sunbelt, handles the Tucson portfolio and had this to say, “We found the sweet spot for La Estancia is its location.  There are currently 859 lots spoken for in the community with three builders: Meritage, Richmond and Lennar. We also have about the same number of lots on the southside of I-10 still to be developed.”

Will White and John Carroll of Land Advisors Organization in Tucson handled the land sale transaction and represents Sunbelt Holdings at La Estancia.

For more information, White and Carroll should be reached at 520.514.7454.

To learn more, see RED Comp #6771.

TUCSON, ARIZONA – Healthcare Realty Trust of Nashville, TN sold a medical office portfolio totaling 67,745-square-feet across four buildings in Tucson, Arizona for $13 million ($192 PSF) to a joint venture between Texas-based Pisula Development Company and Harrison Street of Chicago.

Pisula Development Company (PDC) and its affiliates form a full service, commercial real estate group located in The Woodlands, Texas.  Together they provide property, asset and facilities management services for just over 2.3 million square feet of commercial real estate.  PDC has broken ground on or acquired over 64 projects over the past 16 years.

Harrison Street is a leading alternative investment management firm focused on the Education, Healthcare and Storage sectors.  The firm has created a series of differentiated investment strategies across multiple risk/return platforms.  Headquartered in Chicago, the firm employs a 140-person team with approximately $18.3 billion in assets under management.

The portfolio comprises Magee Medical Plaza at 551 W Magee Road, Riverstone Medical Plaza at 4892 N Stone Avenue, St. Mary’s Medical Plaza at 1704 W Anklam Road and Green Valley Medical Plaza at 1055 La Canada Drive.  All the properties are located in highly trafficked medical and retail corridors in the Tucson MSA.  Two of the properties are fully leased to Carondelet Health Network and are critical locations in their outpatient care delivery network.  Additionally, St. Mary’s Medical Plaza is situated on the campus of the award-winning 349-bed Carondelet St. Mary’s Hospital.  The portfolio is 95.5 percent leased overall and is anchored by Carondelet Health Network, one of Southern Arizona’s largest health systems.

The Holliday Fenoglio Fowler, L.P. (HFF) team represented the seller and procured the buyer.

The HFF investment advisory team representing the seller comprises members of HFF’s national medical office capital markets team, including managing director Evan Kovac, directors Andrew Milne and Anthony Frogameni, senior associate Trent Jemmett, and senior director Ben Appel and associate Matt DiCesare.  Senior director John Chun, also a part of the national medical office capital markets team, provided debt advisory for the transaction.

Director Ben Geelan provided local market expertise in conjunction with the larger team.

For more information, Geelan should be reached at 602.648.8700.

To learn more, see RED Comps #6716, #6717, #6718 and #6719 .

TUCSON, ARION — Labrador Capital, LLC (Robert Assenmacher, manager) purchased a 10,120-square-foot office building located in Camp Lowell Corporate Center, 4544 E. Camp Lowell Dr. (Building. K) in Tucson, from RLP Building, LLC (Rick Gregson, member) for $2.37 million ($234 PSF).

The two-story Class “A” office building is the signature property at Camp Lowell Corporate Center as it is situated at the entryway into the development. The property is situated in the robust East Central Office Sub-Market area which is considered one of the most desired office and/or medical locations in Tucson. This corporate headquarters styled building was fully leased with the main tenant occupying over 90% of the building since it was first built specifically for them in 2004.

The other tenant has been in the building for many years and is on a short-term lease should the anchor tenant need space to grow. This arrangement has been in place for many years.

The building was recently painted, carpeted and had all of the HVAC units replaced. It has been well maintained by the tenants. All of these recent upgrades were paid by the tenants in late 2018.

The investment sale occurred April 26, 2019

Brandon Rodgers, SIOR, CCIM, Principal and Industrial Specialist with Cushman & Wakefield | PICOR, represented the buyer in this transaction.  Mark Irvin, SIOR, CCIM with Mark Irvin Commercial Real Estate Services, LLC, represented the seller.

For more information Rodgers can be reached at 520.546.2714 and Irvin should be contacted at 520.620.1833.

To learn more, see RED Comp #6749.