Mountain View Medical Center in Mesa Sold for $112m in Portfolio Sale

VIZZDA- 9/27/2013 — Tennessee-based IASIS Healthcare sold the 178-bed hospital at 1301 S. Crismon Rd to Medical Properties Trust (MPT) for $112,047,210. The purchase is part of three-property portfolio totaling $283.3M and includes: 
 

·      Mountain View Medical Center | Mesa, AZ | 178 Bed | 405,011 ft² 

·      Medical Center Southeast Texas | Port Arthur, TX | 224 Bed | 349,461 ft² 

·      Glenwood Regional Medical Center | West Monroe, LA | 268 Bed | 330,323 ft²        

MPT entered a purchase agreement August 3^rd, 2013 for the portfolio acquisition, which is structured as a sale-leaseback. IASIS will continue to lease the facility for 15 years with two 5-year extension options.  The Mesa property represents nearly 40% of the total portfolio purchase. A press release for the sale can be found here.

Mountain View Medical Center is located in Mesa south of the southeast corner of Crismon Rd & Southern Ave—just North of the US-60. The 46-acre medical campus includes a 3-story hospital with 178 beds, which opened in 2007, as well as a 5-story 97,555 ft² medical office building developed on a ground lease.

IASIS originally acquired the land in 2004 from VJ Properties, and encumbered the property with a $675M credit facility. Boyer Company, based in Utah, was granted a 70-year ground lease by IASIS to develop one of two 100K ft² medical office buildings, located at 10238 E Hampton Ave. This ground lease was later assigned to MPT in July 2012.

By:

Hadden Schifman

Managing Director

Vizzda.con

Shea Medical Plaza Sold Out of Double G Ranch Liquidation

VIZZDA--August 28th, 2012 -- Tim Shaffer of Clotho Corporate Recovery, acting in his capacity as liquidation trustee for Double G Ranch, has sold the Shea Medical Plaza for $6.5m or $148.95 per square foot.  The 43,639 SF medical office building was developed by Lawrence Grinnell of Double G Ranch in 1998 on 2.65 acres East of the Southeast corner of Scottsdale Road and Shea Boulevard. The property includes approximately 34 surface parking spaces as well as a 54,618 SF sub-grade parking facility and is zoned S-R.

The buyer, Duane Nolde of Irgens Development Partners, put $2.36m down and secured $4.14m in new financing with The Privatebank and Trust Company. Based in Minneapolis, MN, Irgens specializes in the construction, acquisition and management of office, industrial and medical commercial properties in Phoenix, Chicago and Minneapolis. Irgens lists six additional properties under management in the Phoenix area including four additional medical properties.

Grinnell acquired the land on which the facility sits on January 8th, 1997 for $1,393,120 from Gary Herberger of Herberger Enterprises. Herberger retained an option to re-purchase the property following the completion of construction which expired without being exercised 12 months after the sale. On April 20th, 2010, Double G Ranch filed for Chapter 11 Bankruptcy Protection in the Eastern District Court of Michigan, a liquidation trust was created to sell the assets of Double G Ranch and Clotho Corporate Recovery was named trustee and administrator. 

By:

Paul Dionne

Director of Analytics

pdionne@vizzda.com

HCP Acquires Eight Medical Office Buildings from Scottsdale Healthcare

VIZZDA--August 9th, 2012 -- Healthcare REIT HCP ($HCPI) Inc of Long Beach, CA has acquired eight medical office buildings in Scottsdale from Scottsdale Healthcare. Thomas M Klaritch for HCP Inc and Alan Kelly and Tom Sadvary for Scottsdale Healthcare were signatories on the deal. From HCP’s second quarter highlights: 

“On July 30, 2012, we executed agreements to acquire eight on-campus MOBs for $81 million from Scottsdale Healthcare. The eight on-campus MOBs located in Scottsdale, Arizona comprise approximately 398,000 rentable sq. ft. and have a current occupancy of 89%. We expect to close this acquisition early August 2012.” 

Vizzda reports the sale of these properties as closing August 7th, 2012 at a price of $75,304,875 for a total of 410,317 SF.  HCP signed 50 year ground lease agreements with Scottsdale Healthcare for each property with an option for 25 additional years. The properties are as follows:

For more information on this and other commercial real estate intelligence from VIZZDA, follow us on Twitter, 'like' us on Facebook, sign in or  join our 30-day free trial and beta test!

BY:
Edward Moore
Director of Research
emoore@vizzda.com