US-based real estate company UDLR Healthcare has acquired the Thunderbird Medical Pavilion, a new medical outpatient building (MOB) in Glendale, Arizona.
The Thunderbird Medical Pavilion covers 92,811ft² and is situated on Banner Health‘s 595-bed Thunderbird Medical Center Campus.
JLL Capital Markets represented the seller, Banner Health, as well as UDLR in securing acquisition financing.
According to JLL Capital Markets, the acquisition included a $13.5m sale and $10.1m acquisition financing.
The Thunderbird Medical Pavilion was built in 1984 and is currently around 50% leased, with Banner Health being the largest tenant.
The facility hosts a diverse range of clinical users, including cardiovascular surgery, imaging, general surgery specialists, ear nose and throat physicians, and obstetrics/gynaecology.
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It is part of the Banner Thunderbird Medical Center, whose medical services include a paediatric intensive care unit and a Level I trauma centre for patients aged 15 and above.
GI Partners principal Joyce Chow said: “The Thunderbird Medical Pavilion represents an exceptional opportunity to add value in a well-located MOB asset on a premier hospital campus.
“The strength of the market and property fundamentals are consistent with our goal of investing in MOBs that demonstrate capacity for sustained demand and growth.”
As part of the latest investment, UDLR is also planning to start a multi-million dollar renovation work to upgrade the acquired facility.
This will include revamping building exteriors, common areas and tenant suites, as well as investments to improve the building’s operations.
UDLR CEO Robert Milligan said: “The Thunderbird Medical Pavilion is a great building on a terrific hospital campus, and we are excited to upgrade MOB with the latest in energy efficiency while bringing the aesthetics of the buildings and its suites to a level that corresponds with high level of care that Banner and its physicians bring to community daily.”