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 .