Phoenix medical office building acquired for $14.85M

PHOENIX – September 27, 2022 – JLL Capital Markets announced today that it has sourced acquisition financing of $7.58 million for Simon Medical Plaza, a fully leased medical office building in Phoenix, Arizona.

JLL worked on behalf of the borrower, a joint venture between Cypress West Partners and an institutional real estate advisor, to secure the five-year, floating-rate loan through CIT, a division of First Citizens Bank.  

Completed in 2020, Simon Medical Plaza is a two-story medical office facility that is fully leased to a variety of healthcare tenants. Services available at the property include: pediatric healthcare, imaging services, podiatry, dentistry, physical therapy, ophthalmology, chiropractor services, counseling and elder services.

Simon Medical Plaza is located in the affluent Phoenix community of Laveen Village, which boasts a population of more than 125,000 residents. The property is adjacent to Dignity Health Arizona Hospital, the only full-service hospital within an eight-mile radius, and meets the needs of an underserved healthcare community in the southwest submarket. In addition, Simon Medical Plaza benefits from a variety of nearby new mixed-use and multi-housing developments, including Laveen Spectrum and the Sanctuary on 51^st.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Aldon Cole and Analyst Aiden Hayes. Local market support was provided by Senior Director Carl Beardsley.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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