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Banner Health sells Valley medical building for $29M

Friday, March 24, 2023   /   by Juan Grimaldo

Banner Health sells Valley medical building for $29M


Phoenix-based Banner Health sold one of its health centers for $29 million, according to Tempe-based Vizzda LLC real estate database.

Plans call for leasing back the 73,327-square-foot medical office space in Peoria from the buyer, an entity tracing to Montecito Medical Real Estate, according to Vizzda research.

Banner assesses its real estate portfolio on an ongoing basis and is always looking for opportunities to deploy the most effective financing strategies, said Rebecca Armendariz, spokeswoman for Banner. "Banner sold this property and will lease it back from the new owner to continue providing clinical services at this location. We intend to reinvest a portion of the sale proceeds into building upgrades to enhance the patient experience."

Banner Health Center, which was built in 1989 on 5.65 acres at 13640 N. Plaza Del Rio Blvd. in Peoria, sold for $395.49 per square foot, according to Vizzda.

Also buying another Banner health center is an entity tracing to Virtus Real Estate Capital, according to Vizzda.

By Angela Gonzales - Reporter, Phoenix Business Journal

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The Grimaldo Group
Juan Grimaldo
2403 N Pebble Creek Pkwy #101
Goodyear, AZ 85395

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