JLL Capital Markets announced on January 17 that it arranged the $13.5 million sale and the $10.1 million acquisition financing for a medical office building (MOB) in Glendale, Arizona. The buyer was UDLR Healthcare, and the seller was Banner Health.
Thunderbird Medical Pavilion is a 92,811-square-foot MOB, whose tenants include imaging, cardiovascular surgery specialists, general surgery specialists, ear nose and throat physicians and obstetrics/gynecology providers. It is 50% leased with more than 7 years of remaining lease term.
Focused on investing in MOBs, UDLR Healthcare is a partnership between GI Partners and a team of former executives from Healthcare Trust of America. The company is based in Arizona and was launched in December 2023.
“Thunderbird Medical Pavilion is a unique on-campus investment opportunity for discriminating owners of medical properties,” said JLL’s Senior Managing Director Mindy Berman. “The property’s close association with Thunderbird Medical Center in a prime Phoenix location will allow for an aligned strategic partnership between the new landlord and Banner in the quest to build on existing services at the campus and increase occupancy in the building.”
According to data captured in the LevinPro HC database, this transaction marks the 12th MOB acquisition of the year. In 2023, 193 MOB transactions were reported. Additionally, this is UDLR’s first acquisition since it was formed.
