Banner Well being Middle Plus. Picture courtesy of Virtus Actual Property Capital
Virtus Actual Property Capital has acquired Banner Well being Middle Plus at The Grove, a 70,000-square-foot medical workplace constructing in Phoenix, for $48.5 million. The earlier proprietor was RED Growth, based on CommercialEdge information.
JLL represented the vendor within the transaction.
In line with the identical information, the property was topic to a development mortgage of $30 million in 2021, supplied by Bankers Belief Co. that has a maturity date set for 2024.
The Class A, two-story constructing, which was accomplished in early 2023, affords a wide range of medical providers, together with main care, inside drugs, metabolic bariatric surgical procedure, neurology, neurosurgery, cardiovascular, ladies’s well being care, common orthopedics and sports activities drugs. The constructing is absolutely occupied by Banner Well being Middle Plus, Banner Well being’s supply platform, and is designed to supply doctor appointments, in addition to pharmacy, imaging and lab work.
A medical workplace inside a mixed-use group
The property is situated at 4200 E Camelback Street, 10 miles away from downtown Phoenix, which is accessible by way of State Route 51 and Interstate 10. Medical amenities within the surrounding space embody Arizona Biltmore Dentistry, Camelback Pediatric Dentistry & Orthodontics and Phoenix Neck and Head Surgical procedure. Phoenix Youngsters’s Hospital is 5.5 miles away.
The medical facility is a part of The Grove, a $400 million mixed-use undertaking encompassing greater than 750,000 sq. ft in Phoenix’s Arcadia neighborhood. The undertaking broke floor in June 2021. RED Growth leased a Class A workplace constructing inside The Grove in October 2022.
The JLL staff representing Virtus included Senior Managing Director Andrew Milne and Affiliate Liam Sorensen of the agency’s Healthcare Capital Markets staff, in addition to Senior Managing Director Ben Geelan, Govt Managing Director Kevin MacKenzie and Senior Director Will Mast of the agency’s Phoenix Capital Markets staff.
