{"id":1004659172,"date":"2023-04-26T17:05:32","date_gmt":"2023-04-27T01:05:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004659172"},"modified":"2023-09-01T05:08:15","modified_gmt":"2023-09-01T13:08:15","slug":"virtus-pays-49m-for-phoenix-medical-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/","title":{"rendered":"Virtus Pays $49M for Phoenix Medical Office Building"},"content":{"rendered":"
\"Banner<\/a>

Banner Health Center Plus. Image courtesy of Virtus Real Estate Capital<\/em><\/p><\/div>\n

Virtus Real Estate Capital<\/strong> has acquired Banner Health Center Plus at The Grove, a 70,000-square-foot medical office building in Phoenix, for $48.5 million. The previous owner was RED Development<\/strong>, according to CommercialEdge data. JLL<\/strong> represented the seller.<\/p>\n

According to the same source, the property became subject to a $30 million construction loan in 2021; provided by Bankers Trust Co.<\/strong>, the note had a maturity date set for 2024.<\/p>\n

The Class A, two-story building came online in early 2023. The facility offers a variety of medical services, including primary care, internal medicine, metabolic bariatric surgery, neurology, neurosurgery, cardiovascular, women\u2019s health care, general orthopedics and sports medicine. The building is fully occupied by Banner Health Center Plus, Banner Health\u2019s delivery platform.<\/p>\n

A medical office building within a mixed-use project<\/h2>\n

The property is located at 4200 E. Camelback Road, 10 miles from downtown Phoenix, which is accessible via State Route 51 and Interstate 10. Medical facilities in the surrounding area include Arizona Biltmore Dentistry, Camelback Pediatric Dentistry & Orthodontics and Phoenix Neck and Head Surgery. Phoenix Children\u2019s Hospital is 5.5 miles away.<\/p>\n

The medical facility is part of The Grove, a $400 million mixed-use project encompassing more than 750,000 square feet in Phoenix’s Arcadia neighborhood. The project broke ground<\/a> in June 2021.<\/p>\n

The JLL team representing Virtus included Senior Managing Director Andrew Milne and Associate Liam Sorensen, together with Senior Managing Director Ben Geelan, Executive Managing Director Kevin MacKenzie and Senior Director Will Mast.<\/p>\n","protected":false},"excerpt":{"rendered":"

Banner Health Center Plus is part of The Grove mixed-use community.<\/p>\n","protected":false},"author":2829,"featured_media":1004659174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21754,21742,1601,15],"tags":[32796,44177,42356],"class_list":["post-1004659172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-medical-office","category-latest","category-phoenix","category-west","tag-jll","tag-red-development","tag-virtus-real-estate-capital"],"acf":[],"yoast_head":"\nVirtus Pays $49M for Phoenix Medical Office Building - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Virtus Real Estate Capital has acquired Banner Health Center Plus, a 70,000-square-foot medical office building, from RED Development.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Virtus Pays $49M for Phoenix Medical Office Building\" \/>\n<meta property=\"og:description\" content=\"Virtus Real Estate Capital has acquired Banner Health Center Plus, a 70,000-square-foot medical office building, from RED Development.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-27T01:05:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-01T13:08:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/BannerHealthCenterpluscropped-e1682497914421.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"817\" \/>\n\t<meta property=\"og:image:height\" content=\"613\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/\",\"name\":\"Virtus Pays $49M for Phoenix Medical Office Building - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/BannerHealthCenterpluscropped-e1682497914421.jpg\",\"datePublished\":\"2023-04-27T01:05:32+00:00\",\"dateModified\":\"2023-09-01T13:08:15+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a\"},\"description\":\"Virtus Real Estate Capital has acquired Banner Health Center Plus, a 70,000-square-foot medical office building, from RED Development.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/BannerHealthCenterpluscropped-e1682497914421.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/BannerHealthCenterpluscropped-e1682497914421.jpg\",\"width\":817,\"height\":613,\"caption\":\"Banner Health Center Plus. Image courtesy of Virtus Real Estate Capital\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Virtus Pays $49M for Phoenix Medical Office Building\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a\",\"name\":\"Madalina Pojoga\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/MadalinaPojoga_AuthorPhoto.jpg?w=72\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/MadalinaPojoga_AuthorPhoto.jpg?w=72\",\"caption\":\"Madalina Pojoga\"},\"description\":\"Madalina Pojoga is an associate editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2022. Madalina is covering the self storage sector on MHN and industrial and medical office building assets for CPE. She has an academic background in film studies and performative arts.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/madalina-pojoga\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Virtus Pays $49M for Phoenix Medical Office Building - Commercial Property Executive","description":"Virtus Real Estate Capital has acquired Banner Health Center Plus, a 70,000-square-foot medical office building, from RED Development.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/","og_locale":"en_US","og_type":"article","og_title":"Virtus Pays $49M for Phoenix Medical Office Building","og_description":"Virtus Real Estate Capital has acquired Banner Health Center Plus, a 70,000-square-foot medical office building, from RED Development.","og_url":"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2023-04-27T01:05:32+00:00","article_modified_time":"2023-09-01T13:08:15+00:00","og_image":[{"width":817,"height":613,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/BannerHealthCenterpluscropped-e1682497914421.jpg","type":"image\/jpeg"}],"author":"Madalina Pojoga","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/","url":"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/","name":"Virtus Pays $49M for Phoenix Medical Office Building - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/BannerHealthCenterpluscropped-e1682497914421.jpg","datePublished":"2023-04-27T01:05:32+00:00","dateModified":"2023-09-01T13:08:15+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a"},"description":"Virtus Real Estate Capital has acquired Banner Health Center Plus, a 70,000-square-foot medical office building, from RED Development.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/BannerHealthCenterpluscropped-e1682497914421.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/BannerHealthCenterpluscropped-e1682497914421.jpg","width":817,"height":613,"caption":"Banner Health Center Plus. Image courtesy of Virtus Real Estate Capital"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/virtus-pays-49m-for-phoenix-medical-building\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Virtus Pays $49M for Phoenix Medical Office Building"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a","name":"Madalina Pojoga","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/MadalinaPojoga_AuthorPhoto.jpg?w=72","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/MadalinaPojoga_AuthorPhoto.jpg?w=72","caption":"Madalina Pojoga"},"description":"Madalina Pojoga is an associate editor with Commercial Property Executive and Multi-Housing News. She joined CPE and MHN in 2022. Madalina is covering the self storage sector on MHN and industrial and medical office building assets for CPE. She has an academic background in film studies and performative arts.","url":"https:\/\/www.commercialsearch.com\/news\/author\/madalina-pojoga\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/BannerHealthCenterpluscropped-e1682497914421.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004659172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/2829"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004659172"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004659172\/revisions"}],"predecessor-version":[{"id":1004678587,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004659172\/revisions\/1004678587"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004659174"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004659172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004659172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004659172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}