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

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