Clyde Wright Health Center Sells to Banner Health for ~$6.17m

 VIZZDA – February 19, 2013 – Banner Health of Phoenix has expanded the footprint of its Good Samaritan Hospital campus by acquiring the 93,411 ft² Clyde Wright Health Center yesterday for $6,169,742 or $66.00 per square foot from a private ownership group led by Dale and James Zeitlin of Zeitlin & Zeitlin. The sale price is the sum of eight consecutively recorded deeds representing a consolidation of interest between and among the descendants of the original assemblers.

The Clyde Wright Health Center consists of two medical office buildings: a 6,461 square foot one-story office building and an 86,950 square foot four-story office tower. These buildings sit on 5.59 acres (gross) of grade level parking. These medical offices are located at 755 E McDowell Rd in Phoenix—just 500 feet west of Good Samaritan Hospital. Cigna Medical Group operated the property since at least June of 1989 as an MRI outpatient treatment facility—though various sources indicate that it is currently vacant.

Albert Zeitlin and Martin David assembled the land upon which these offices sit in a series of transactions recorded starting in 1980. They obtained an $8.0 million construction loan on September 4, 1984 from First Interstate Bank of Arizona and the offices were built in 1982. An outstanding $1.25m debt dated April 20^th, 2004 with State Farm Bank is released with the sale. The families of Albert Zeitlin and Martin David have held the property since that time and constitute the bulk of the private ownership group selling this week to Banner Health.

Edward Moore
Director of Research
www.vizzda.com