Montecito Medical Real Estate has acquired Chandler Medical Pavilion, a 65,931-square-foot outpatient facility in Chandler, Ariz., for $30 million.
JLL’s Medical Properties Capital Markets team brokered the transaction and worked on behalf of the seller, a partnership between Unbound Development and Webb Investments.
In early 2022, the property became subject to a 10-year, $22 million permanent loan from First-Citizens Bank & Trust Co., CommercialEdge data shows.
Tailor-made for Banner Health
The Class A medical office building is fully leased, as the property was completed in 2021 to meet the needs of a single tenant, Banner Health. Chandler Medical Pavilion is a three-story ambulatory surgery facility featuring three operating rooms, an imaging center and cardiology department, as well as a Banner Health Clinic with gastroenterology, endocrinology and orthopedics divisions. The property includes grade-level parking with upwards of 300 spots.
Chandler Medical Pavilion is at 1125 S. Alma School Road, just off Arizona State Route 202 and across the road from the Banner Ocotillo Medical Center. Chandler Regional Medical Center and the East Valley Dermatology Center are both less than 2 miles from the property. Downtown Phoenix is some 22 miles northwest.
In a recent interview with Commercial Property Executive, Alliance CGC Founder & CEO Ben Reinberg talked about the factors currently fueling demand for medical outpatient centers across the country.