(Disclosure: Cameron Carter, Rose Law Group senior partner & director of the transactional department, represents RX Health & Science Trust.)
RX Health & Science Trust (RXHST), in partnership with Shore Capital Partners, announced the acquisition of the Stapley Medical Center, two Class A outpatient medical office buildings (MOBs) totaling 181,898 square feet located at 1840 and 1910 South Stapley Drive in Mesa, Arizona. The complex is surrounded by major hospital campuses, over 2 million square feet of retail and dining amenities and is less than 1 minute from US-60. The properties offer patients and tenants a convenient and accessible location for healthcare services including generous surface parking close to the building entrances. RXHST plans to continue building upon Stapley Medical Center’s existing strong tenancy of health systems and premier healthcare providers across a wide variety of specialties.
This transaction is RXHST’s third outpatient medical office investment in the Phoenix market and first healthcare real estate investment completed through a partnership with Shore Capital Partners. Shore invests in the healthcare, real estate, business services, industrials, and food and beverage industries. Debt financing was provided by First Citizens Bank.
Leasing services will be provided by Transwestern’s Phoenix Healthcare Advisory Services team. There are space availabilities ranging from 1,299 to 31,322 square feet with attractive rental rates and generous tenant improvement allowances available.
Russell Brenner, President and Co-Founder of RXHST notes, “Phoenix remains one of the fastest-growing healthcare real estate markets in the United States, supported by population growth, favorable demographics, and increasing demand for outpatient healthcare services. RXHST continues to identify attractive medical real estate investment opportunities in the Phoenix market.”
Steve Malley, Partner and Head of Real Estate at Shore Capital Partners, said: “We believe outpatient medical office assets located near major hospital systems and growing patient populations continue to offer attractive long-term investment opportunities. Stapley Medical Center is a high-quality outpatient medical asset located in one of Phoenix’s leading healthcare submarkets. We are pleased to partner with RXHST on this investment and look forward to supporting the property’s continued growth and leasing momentum.”
Transaction Highlights
- Property: Stapley Medical Center
- Location: Mesa, Arizona (Phoenix MSA)
- Asset Type: Class A outpatient medical office (MOB)
- Size: 181,898 square feet
- Sponsor: RX Health & Science Trust
- Capital Partner: Shore Capital Partners
- Lender: First Citizens Bank
- Leasing Advisor: Transwestern
