Total Investment: $267.8 Million
GLA: 1.32 Million SF
Key Tenants / Affiliations:
Phoenix is one of the fastest growing, large cities in the United States. It benefits from a temperate climate, low cost of living, and business friendly regulatory environment that should continue to attract new businesses and residents. Although the area was hit hard by the economic downturn, it has continued to grow, and has become one of the top five major cities for both job and population growth. Forbes predicts Arizona will have the fastest job growth over the next five years. The area also continues to be a popular retirement destination.
The expected growth in the Phoenix area and its senior friendly infrastructure make it an attractive market for healthcare services.
The majority of HTA’s Phoenix portfolio was purchased during the depths of the economic downturn, from 2008 – 2010, at attractive pricing. It is primarily in Phoenix’s West Valley, including Goodyear, Glendale, and the retirement destination of Sun City. HTA recently acquired four medical office buildings through the purchase of the Dignity Medical Office portfolio. This portfolio includes the McAuley Medical Center, a nine-story 168,307 square feet MOB, located on the campus of Dignity Health’s nationally recognized St. Joseph’s Hospital and Medical Center. As one of the only Class A medical office buildings in Downtown Phoenix and its on-campus location, McAuley Medical Center has had consistently high occupancy rates.
Sun City West, AZ