UDLR acquires the Thunderbird Medical Pavilion outpatient clinic constructing
US actual property firm UDLR Healthcare has acquired the Thunderbird Medical Pavilion, a brand new medical outpatient constructing (MOB) in Glendale, Arizona.
The Thunderbird Medical Pavilion spans 92,811 ft² and is situated on Banner Well being's 595-bed Thunderbird Medical Middle Campus.
JLL Capital Markets represented the vendor, Banner Well being, and UDLR in securing the acquisition financing.
In accordance with JLL Capital Markets, the acquisition included a sale of $13.5 million and acquisition financing of $10.1 million.
The Thunderbird Medical Pavilion was inbuilt 1984 and is at present roughly 50% leased, with Banner Well being being the most important tenant.
The power accommodates a variety of medical customers together with cardiovascular surgical procedure, imaging, common surgical procedure specialists, ear, nostril and throat physicians and obstetrics/gynaecology.
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It’s a part of Banner Thunderbird Medical Middle, whose medical providers embrace a pediatric intensive care unit and a Degree I trauma heart for sufferers 15 years and older.
Joyce Chow, director of GI Companions, mentioned: “The Thunderbird Medical Pavilion represents an distinctive alternative so as to add worth in a well-located MOB constructing on a premier hospital campus.
“The energy of the market and actual property fundamentals align with our purpose to spend money on MOBs that show capability for sustainable demand and development.”
As a part of the most recent funding, UDLR additionally plans to embark on a multi-million greenback renovation venture to improve the acquired facility.
This consists of updating the constructing's exterior, frequent areas and tenant suites, in addition to investments to enhance the constructing's operations.
UDLR CEO Robert Milligan mentioned: “The Thunderbird Medical Pavilion is a superb constructing on an incredible hospital campus, and we’re excited to improve MOB with the most recent in power effectivity, whereas elevating the aesthetics of the buildings and suites to a stage that matches the excessive stage of care that Banner and his physicians present to the group day by day.”
