SEATTLE — A partnership between Elliott Bay Capital Trust (“Elliott Bay”), a real estate investment company focused on essential healthcare properties, and Pantheon (“Pantheon”), a leading global private markets investor, today announced the acquisition of a net-leased outpatient medical facility in Surprise, Arizona—a high-growth suburb within the Phoenix metropolitan area. The facility is fully occupied by nationally recognized healthcare tenants offering critical, community-based services.
The 26,200-square-foot, purpose-built facility is anchored by Banner Health, one of the nation’s largest not-for-profit health systems, and Optum Health, a division of UnitedHealth Group, one of the largest healthcare delivery organizations in the country. Together, the two investment-grade tenants comprise 82% of the occupancy, alongside Spooner Physical Therapy, a leading regional provider. Services offered at the facility include primary care, pediatrics, OB/GYN, physical therapy, wellness, and mental health.
Strategically located along Litchfield Road at the entrance to Surprise City Center and adjacent to the city’s civic campus, the property benefits from strong visibility, proximity to major thoroughfares, and direct adjacency to complementary Banner Health outpatient facilities. The location is also just over two miles from Banner Health’s Del E. Webb Medical Center, further reinforcing the area’s role as a healthcare hub for the rapidly expanding West Valley region.
“These types of investments are core to our strategy—high-quality, strategically located facilities backed by strong tenants delivering essential care,” said Christian Whipple, CEO of Elliott Bay. “Banner and Optum are two of the most respected names in healthcare, and their commitment to this site reflects the long-term value of the location and the community it serves.”
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 $70.8 billion 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 property sectors that benefit from strong secular tailwinds and offer defensive characteristics across market cycles.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
