SCOTTSDALE, Ariz., Jan. 17, 2024 /PRNewswire/ — UDLR Healthcare (“UDLR”), the recently formed venture between GI Partners and former executives from Healthcare Trust of America to invest in medical outpatient buildings (MOB), has announced the completion of its acquisition of the Thunderbird Medical Pavilion in Glendale, Arizona. Glendale is part of the growing Phoenix metropolitan area, which boasts some of the strongest medical outpatient market fundamentals in the country. The Thunderbird Medical Pavilion, located at 5757 West Thunderbird Rd, is a 92,811 square foot medical outpatient building (“MOB”) located on Banner Health’s 595-bed Thunderbird Medical Center Campus. As part of its investment, UDLR intends to embark on a multi-million dollar renovation of the MOB. JLL Capital Markets represented the seller, Banner Health, and also represented UDLR in obtaining acquisition financing.
Thunderbird Medical Pavilion was built in 1984 and is currently ~50% leased to Banner Health, the largest tenant in the building, as well as other large local physician groups. It features a diverse set of clinical users including imaging, cardiovascular surgery specialists, general surgery specialists, ear nose and throat physicians, and obstetrics/gynecology.
The property is located on the Banner Thunderbird Medical Center in Glendale, Arizona, specializes in heart care, surgical services, obstetrics and gynecology, emergency and trauma care, behavioral health, cancer care, rehabilitation and pediatrics, including the West Valley’s only pediatric intensive care unit, pediatric Emergency department and Level III neonatal intensive care unit. Banner Thunderbird also operates a Level I Trauma Center for patients ages 15 and older. The hospital is part of Banner Health, a nonprofit health system with 33 hospitals in six states.
UDLR intends to create value with multiple upgrades to the MOB including refreshed building exteriors, common areas, and tenant suites, while also completing investments in the building’s operations that will improve energy efficiency, security, and functionality for both physicians and patients.
“We are excited to complete our first investment under the UDLR platform,” stated CEO Robert Milligan. “The Thunderbird Medical Pavilion is a great building on a terrific hospital campus, and we are excited to upgrade the MOB with the latest in energy efficiency while bringing the aesthetics of the buildings and its suites to a level that corresponds with the high level of care that Banner and its physicians bring to the community daily.”
“The Thunderbird Medical Pavilion represents an exceptional opportunity to add value in a well-located MOB asset on a premier hospital campus,” added Joyce Chow, Principal at GI Partners. “The strength of the market and property fundamentals are consistent with our goal of investing in MOBs that demonstrate capacity for sustained demand and growth.”
About UDLR Healthcare
Headquartered in Scottsdale, Arizona, UDLR Healthcare’s mission is to become a leading innovator, investor, and operator in medical outpatient real estate. The company aims to create alignment across all sector stakeholders via partnership with leading health systems and physicians. Led by a seasoned management team with experience investing and operating a portfolio of MOBs at scale, UDLR Healthcare utilizes data driven analysis and a deep understanding of value creation for MOB stakeholders to provide innovative real estate solutions to healthcare providers and patients. For more on the platform’s team and investment strategy, please visit www.udlr.com.
About GI Partners
Founded in 2001, GI Partners is a private investment firm with over 150 employees and offices in San Francisco, New York, Dallas, Chicago, Greenwich, Scottsdale, and London. The firm has raised more than $42 billion in capital and invests on behalf of leading institutional investors around the world through its private equity, real estate, and data infrastructure strategies. The real estate strategy focuses primarily on specialized real estate, including technology, sciences, and healthcare properties. The private equity team invests primarily in companies in the healthcare, services, and software sectors. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information, please visit www.gipartners.com.
Chris Tofalli Public Relations
SOURCE UDLR Healthcare
Originally published at https://www.prnewswire.com/news-releases/udlr-healthcare-completes-acquisition-of-thunderbird-medical-pavilion-302037462.html
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