JLL Capital Markets facilitates the sale and $25 million acquisition financing of the portfolio
PHOENIX, (Feb. 14, 2024) – JLL Capital Markets announced today that it arranged the $32 million sale and the $25 million financing of a strategically located outpatient medical building portfolio totaling 80,315 square feet. The portfolio consists of three Banner Health Centers located in the high-growth east valley of Phoenix in Mesa, Gilbert and Queen Creek, Arizona.
JLL represented the seller, Banner Health, and procured the buyer, Stockdale Capital Partners. JLL also represented the buyer and borrower, Stockdale Capital Partners, in obtaining acquisition financing.
The portfolio is 100 percent occupied by Banner Health, one of the largest nonprofit health systems in the country, to administer outpatient care. The properties were constructed in 2013 and 2014 to meet the high growth in demand for healthcare services in the east valley of Phoenix. Banner Health Centers are Banner’s preferred consolidated outpatient delivery platform for primary care, select specialties and services such as lab, imaging and pharmacy under one roof.
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. JLL Medical Properties Group Debt Advisory team was led by Senior Managing Director John Chun, Director Daniel Digerness and Associate Liam Sorensen.
"This high-quality medical portfolio is ideally positioned to capture and grow outpatient market share," said Berman. "The properties are strategically located on major thoroughfares in densely populated pockets of the east valley of Phoenix. We were delighted to select Stockdale to partner with Banner Health and are excited to see Stockdale grow its healthcare real estate portfolio.”
“Stockdale is pleased to partner with Banner Health on the acquisition of these three medical office buildings. This acquisition will allow us to support Banner’s continued care delivery in these rapidly-growing markets” said Andrew Saba, Managing Director, Healthcare at Stockdale Capital Partners. “Our dedicated Healthcare Fund will continue to look for attractive real estate investment opportunities across the country as demand for outpatient healthcare increases.”