Plaza Companies and Ryan Companies announce Ironwood Medical Plaza sale
Staff Reports | Digital Free Press
Plaza Companies and Ryan Companies are reporting the sale of Ironwood Medical Pavilion on the Banner Ironwood Medical Center campus in Queen Creek to Hammes Partners in a $23.325 million transaction.
Plaza Companies will remain a minority joint venture investor and will continue to provide leasing and property management services, according to a press release.
Ironwood Medical Center is a 60,000-square-foot, three-story Class A medical office building that was completed in September 2019. The facility is adjacent to the Banner Ironwood Medical Center, a 78-acre medical center campus at the southwest corner of Gantzel and Combs roads in the Town of Queen Creek.
The adjacent Banner Ironwood Medical Center hospital and inpatient facility is 248,000-square-feet with 53 beds and related support site improvements. The medical center is planned to provide for significant expansion of the hospital facility as the area demand for medical care grows in the future.
Bill Cook and Margaret Lloyd of Plaza Companies will lead leasing efforts, while Scott Rubin of Plaza Companies will oversee property management of the facility.
“We are very pleased to complete this win-win-win transaction for all parties involved,” said Sharon Harper, chairman and CEO of Plaza Companies.
“This is an exceptional medical office property in a growing area, and we were pleased to partner with Ryan Companies to make it a reality. Hammes Partners recognizes what an exceptional asset Ironwood Medical Pavilion is and we look forward to our new partnership Hammes and a great relationship with Banner Health.”
Hammes Partners invests on behalf of institutional investors with an exclusive focus on U.S. healthcare real estate, specifically outpatient healthcare real estate where providers are increasingly providing patient care due to cost and convenience. Hammes Partners leverages deep industry experience and relationships built over 30 years of advising healthcare clients and more than 20 years of investing in healthcare real estate.
Plaza Companies’ portfolio features numerous high-profile projects including SkySong, The ASU Scottsdale Innovation Center, Park Central, VI Living Communities and the TGen Building, among others.