Lincoln-PGIM partnership enters local market; eyes growth in high-demand sector
Mesa, AZ – September 9, 2026 — Lincoln Property Company (“Lincoln”), a global, full-service real estate firm with over $31 billion of assets under management, and PGIM, the global investment management business of Prudential Financial Inc., today announced the acquisition of Surgery Center of Gilbert, located in metro Phoenix’s East Valley submarket.
The purchase represents Lincoln and PGIM’s first acquisition together in metro Phoenix, with an eye toward securing more healthcare real estate in a market that is high priority for the partners.
Totaling 13,957 square feet, Surgery Center of Gilbert is a purpose-built, single-tenant ambulatory surgery center occupied and operated by a partnership of Banner Health, Atlas and physician surgical partners. The property is secured by a long-term lease to Banner and its surgical partners.
Banner Health is one of the largest non-profit health systems in the U.S., including a network of over 20 ambulatory surgery centers across greater Phoenix.
A best-in-class outpatient surgical facility, Surgery Center of Gilbert includes five operating rooms, six pre-op rooms and multiple post-anesthesia care unit rooms supporting phase 1 and phase 2 care. Collectively, the facility supports 21 medical practitioners working across eight specialties, including general surgery, ophthalmology, plastic surgery, podiatry, ENT, orthopedics and urology.
“Phoenix is one of the most competitive and sought-after medical real estate markets in the country, drawing sustained interest from well-capitalized investors and health systems alike,” said Lincoln Executive Vice President John Orsak. “We are enthusiastic about Lincoln’s expanding investment activity in this sector, and we look forward to growing our investment footprint across the region. We have high conviction in Phoenix’s fundamentals and the power of Arizona’s population growth to power durable demand for specialized outpatient care.”
“We continue to see compelling opportunities in medical outpatient real estate, supported by the long-term shift of care into lower-cost, more accessible settings and the need for high-quality facilities in growth markets,” said Soultana Reigle, Head of U.S. Equity for PGIM’s Real Estate investment group. “This acquisition reflects our strategy of investing in healthcare assets with strong local demand drivers, durable tenancy and the potential to deliver resilient income through market cycles.”
Surgery Center of Gilbert is located on 1.77 acres at 6003 E. Baseline Rd., in Mesa, Arizona. The dense retail and healthcare corridor boasts a daytime population of almost 280,000, and over 124,000 households and 7,500 businesses within a five-mile radius, including the nearby Banner Gateway Medical Center and Banner MD Anderson Cancer Center.
The property is easily accessed by the US 60 and Loop 202 freeways, offering quick connection to the entire metro market.
PGIM’s Real Estate investment group is one of the world’s largest real estate investment managers, with $217 billion in gross assets under management and administration1, and real estate professionals located in more than 30 cities worldwide. Through its full suite of real estate equity and debt solutions, PGIM aims to achieve exceptional outcomes on behalf of investors and borrowers. PGIM’s uncompromising commitment to building lasting relationships with clients is founded on trust, transparency, and mutual respect.
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About Lincoln Property Company
Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, multifamily, life science, retail, industrial, data center, production studio, healthcare, government, universities, sports and entertainment, and mixed-use properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 720 million square feet of commercial space. For more information, visit: www.lpc.com.
About PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.2 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions – including fixed income, equities, real estate and alternatives. With 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
1 As of December 31, 2025, net AUM is $139B and AUA is $50B. PGIM is the second-largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on ‘Pensions & Investments’ “The Largest Real Estate Investment Managers” list published November 2025. This ranking represents AUM as of 6/30/25. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.
2 As of June 30, 2026. Assets are rounded to the nearest full number.
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