JLL Capital Markets facilitated the sale of Banner Health Center Plus at The Grove
PHOENIX, April 24, 2023 – Virtus Real Estate Capital (“Virtus”) announced that it has acquired the Banner Health Center Plus at The Grove, a 70,000-square-foot medical office building along Phoenix’s Camelback Corridor, for $48.5 million.
JLL represented the seller in the sale to an affiliate of Virtus Real Estate Capital.
Completed in early 2023, the property is occupied by Banner Health and offers a wide range of health services, including primary care, internal medicine, metabolic bariatric surgery, neurology, neurosurgery, cardiovascular, women’s, general orthopedics and sports medicine. Banner Health Center Plus is Banner Health’s new healthcare delivery platform and is designed to efficiently offer physician appointment, imaging, lab and pharmacy with the experience and benefit of working with one team.
Banner Health Center Plus is located within The Grove, a luxury 750,000+ square-foot mixed-use project at the intersection of 44th Street and Camelback Road in the affluent Arcadia neighborhood of Phoenix. The Arcadia community is adjacent to upscale suburbs of Paradise Valley, the Biltmore area, Scottsdale and north Phoenix which boast strong demographics with a median home sale price over $1,500,000, an average household income over $158,000 and 92.0% of residents having health insurance.
JLL’s Healthcare Capital Markets team led by Senior Managing Director Andrew Milne and Associate Liam Sorensen, along with JLL’s Phoenix Capital Markets team led by Senior Managing Director Ben Geelan, Executive Managing Director Kevin MacKenzie and Senior Director Will Mast represented the seller in the transaction.
Matt Withey, Managing Director at Virtus commented, “We are incredibly excited to add the Banner Health Center Plus at The Grove to our long-term portfolio. The recently delivered trophy medical building is ideally located at one of the preeminent intersections in Phoenix and is occupied by one of the Valley’s premier healthcare systems: Banner Health. The acquisition is highly emblematic of Virtus’ disciplined strategy of investing in cycle-resilient properties in growth markets across the country.”
Virtus is a vertically integrated hybrid allocator-operator real estate manager exclusively focused on built space investments in cycle-resilient sectors, including healthcare, education, storage, and middle-income workforce housing. Founded in 2003, Virtus has executed core, core-plus, value-add, and opportunistic strategies totaling approximately $5.6 billion in property investments on behalf of institutional investors, family offices, and financial institutions.
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About Virtus Real Estate Capital
Virtus is a vertically integrated hybrid allocator-operator real estate manager exclusively focused on built space investments in cycle-resilient sectors, including healthcare, education, storage, and middle-income workforce housing. Founded in 2003, Virtus has executed core, core-plus, value-add, and opportunistic strategies totaling approximately $5.6 billion in property investments on behalf of institutional investors, family offices, and financial institutions. Virtus is privately held and is headquartered in Austin, Texas. For more information, visit www.virtusre.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Contact: Megan Shah, Vice President – Investor Relations
Phone: +1 512 891 1271
Email: mshah@virtusre.com
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