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UDLR Healthcare Buys AZ Medical Property in $13.5 Mil

1/18/24

UDLR Healthcare purchased Thunderbird Medical Pavilion, a 92.8k sf, mission-critical, on-campus medical property in Glendale, AZ, for $13.5 mil ($145/sf). The property, located at 5757 Thunderbird Rd, was sold by Banner Health.

Thunderbird Medical Pavilion hosts a diverse set of clinical users including imaging, cardiovascular surgery specialists, general surgery specialists, ear nose and throat physicians, and obstetrics/gynecology. Banner Health is the largest tenant in the building and is accompanied by other dominant, local physician groups.

The property is 50% leased with 7.3 years of remaining lease term. New ownership has devised a strong business plan to attract new tenants to the property to support the growth of healthcare services offered on the medical campus.

Thunderbird Medical Pavilion is the only medical office building that is investor-owned on the campus of the 595-bed Banner Thunderbird Medical Center. Banner Thunderbird is one of Banner’s largest and most profitable hospitals in the Phoenix area and is the

Mindy Berman, Pat Williams, Matt DiCesare and Liam Sorensen with JLL Medical Properties Group Investment Advisory Sales team represented the seller and procured the buyer in the transaction. John Chun, Anthony Sardo, Daniel Digerness and Liam Sorensen, also with JLL, arranged $10.1 mil in financing for the acquisition.

"Thunderbird Medical Pavilion is a unique on-campus investment opportunity for discriminating owners of medical properties," said 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.”




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