SAN DIEGO, CA – May 1, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $13 million sale of a medical office portfolio totaling 67,745 square feet across four buildings in Tucson, Arizona.
The HFF team represented the seller, an affiliate of Healthcare Realty Trust, and procured the buyer, a joint venture between Pisula Development Company and Harrison Street.
The portfolio comprises Magee Medical Plaza at 551 W Magee Road, Riverstone Medical Plaza at 4892 N Stone Avenue, St. Mary’s Medical Plaza at 1704 W Anklam Road and Green Valley Medical Plaza at 1055 La Canada Drive. All the properties are located in highly trafficked medical and retail corridors in the Tucson MSA. Two of the properties are fully leased to Carondelet Health Network and are critical locations in their outpatient care delivery network. Additionally, St. Mary’s Medical Plaza is situated on the campus of the award-winning 349-bed Carondelet St. Mary’s Hospital. The portfolio is 95.5 percent leased overall and is anchored by Carondelet Health Network, one of Southern Arizona’s largest health systems.
The HFF investment advisory team representing the seller comprises members of HFF’s national medical office capital markets team, including managing director Evan Kovac, directors Andrew Milne and Anthony Frogameni, senior associate Trent Jemmett, and senior director Ben Appel and associate Matt DiCesare. Senior director John Chun, also a part of the national medical office capital markets team, provided debt advisory for the transaction. Director Ben Geelan provided local market expertise in conjunction with the larger team.
About Pisula Development Company
Pisula Development Company (PDC) and its affiliates form a full service, commercial real estate group located in The Woodlands, Texas. Together they provide property, asset and facilities management services for just over 2.3 million square feet of commercial real estate. PDC has broken ground on or acquired over 64 projects over the past 16 years. Its primary website is www.PinecroftRealty.com.
About Harrison Street
Harrison Street is a leading alternative investment management firm focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment strategies across multiple risk/return platforms. Headquartered in Chicago, the firm employs a 140-person team with approximately $18.3 billion in assets under management. For more information, please visit harrisonst.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
CONTACTS:
EVAN KOVAC
HFF Managing Director
(858) 812-2365
BEN GEELAN
AZ Lic. #SA651991000
HFF Director
(602)648-8700
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
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