JLL Capital Markets led sales efforts for on-campus Ironwood Medical Pavilion II in Queen Creek, Arizona
PHOENIX, Oct. 3, 2023 – JLL Capital Markets, Medical Properties Group, announced today that it arranged the $23.3 million sale of Ironwood Medical Pavilion II, an on campus 61,302 square foot medical office building in Queen Creek, Arizona, within Phoenix’s Southeast Valley.
JLL worked on behalf of the seller, a joint venture between Plaza Companies and Ryan Companies US, Inc., and procured the buyer, Hammes Partners.
Delivered in 2019, Ironwood Medical Pavilion II is 99% leased to a variety of highly specialized medical practitioners and anchored by Banner Health, Arizona’s largest health system and the largest employer in the state of Arizona. The property is located on the campus of Banner Ironwood Medical Center. Queen Creek is a rapidly growing suburb of Phoenix that has seen a substantial influx of new residents, resulting in a population forecasted to grow 76% over the next 10 years.
The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Evan Kovac, John Chun, Mindy Berman and Director Matt Dicesare, of the Medical Properties Group, and locally by Senior Managing Director Ben Geelan and Senior Director Will Mast.
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.