By Alex Ciorogar
A partnership of American Healthcare Investors and Griffin Capital Company LLC—the co-sponsors of Griffin-American Healthcare REIT IV Inc.—has acquired Surprise Medical Office Building, a Class A facility that is part of a 756-acre master-planned community in the Northwest Valley of Phoenix, for $11.7 million.
Constructed in 2012, the 34,000-square-foot property is 90 percent occupied by Banner Medical Group and the Center for Orthopedic Research and Education Inc. The health-care services provided include neuroradiology, nuclear medicine, pediatrics, radiology, women’s health, physical therapy, family practice, on-site lab and an imaging center.
JDS Real Estate Services Inc. Broker Diana Shirek represented the seller, Banyan Surprise Plaza LLC, while Griffin-American Healthcare REIT IV financed the acquisition under its revolving line of credit with Bank of America and KeyBank National Association.
The property offers easy access to W. Grand Avenue, Phoenix-Wickenburg Highway and Arizona State Route 303. The 404-bed Banner Del E. Webb Medical Center and the 425-bed Banner Boswell Medical Center are both located nearby.