Banner Health Spins off Glendale Medical Building

With the benefit of a $10.1 million acquisition loan, UDLR Health acquired the Thunderbird Medical Pavilion in Glendale from Banner Health for $13.5 million. JLL Capital represented the buyer and seller and obtained the financing. Thunderbird Medical Pavilion, totaling 92,811 square feet, is located at 5757 Thunderbird Rd., Glendale, Arizona.  The property is 50 percent leased with 7.3 years of remaining lease term.

Thunderbird Medical Pavilion hosts diverse clinical users, including imaging, cardiovascular surgery specialists, general surgery specialists, ear, nose and throat physicians, and obstetrics/gynecology. Banner Health is the largest tenant in the building and is accompanied by other dominant, local physician groups.

Thunderbird Medical Pavilion is the only investor-owned medical office building on the 595-bed Banner Thunderbird Medical Center campus. Banner Thunderbird is one of Banner’s largest and most profitable hospitals in the Phoenix area and is the dominant inpatient provider in a 10-mile radius.