SEATTLE — Elliott Bay Capital Trust (“Elliott Bay”), a real estate investment company focused on essential healthcare properties, in partnership with Pantheon, a leading global private markets investor, today announced the acquisition of a 15,000-square-foot medical office building located at 4881 E Grant Road in Tucson, Arizona. The property is fully leased to the Pain Institute of Southern Arizona (“PISA”), the region’s dominant interventional pain management provider
Originally built in 2008 and extensively renovated in 2024, the two-story facility includes modern exam rooms, imaging capabilities, and an expanded second-floor clinic space. PISA, which operates 10 locations across Southern Arizona, recently extended its lease term and invested in significant capital improvements at the property, reinforcing its long-term commitment to the site and growing patient base.
“This is a highly desirable medical office asset that is 100% leased to a quality tenant and well positioned within a thriving healthcare community,” said Christian Whipple, CEO of Elliott Bay. “Its location adjacent to Tucson’s largest hospital, recent facility upgrades, and strong regional demand for specialty outpatient care align well with our investment strategy focused on essential healthcare real estate.”
The building is ideally positioned within Tucson’s central healthcare corridor. It is directly adjacent to the 641-bed Tucson Medical Center and within close proximity to Banner – University Medical Center Tucson and St. Joseph’s Hospital. The location also benefits from excellent accessibility to Interstate 10 and State Route 77, and is surrounded by complementary retail, grocery, and service amenities.
About Elliott Bay Capital Trust
Elliott Bay Capital Trust (www.elliottbaycap.com) is an integrated real estate investment platform based in Seattle, WA that acquires and manages healthcare properties across the U.S. Founded in 2013, Elliott Bay manages a diversified portfolio of outpatient medical properties nationwide leased to leading health systems, national sector-leading companies, and regional care providers. Elliott Bay aligns with its healthcare provider partners to help unlock economic value and enhance operating flexibility while creating long-term value in each of its real estate investments.
About Pantheon
Pantheon (www.pantheon.com) has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments. Pantheon has partnered with more than 650 clients, including institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $70.8bn in discretionary assets under management (as of September 30, 2024). Pantheon’s dedicated real estate strategy was established in 2021 and focuses on partnering with specialized owner-operators to provide comprehensive capital solutions in needs-based property sectors that benefit from strong secular tailwinds and that offer defensive characteristics across market cycles.
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