JLL Capital Markets arranged the $13.5 million ground lease sale for a 92,811-square-foot medical office property on the 595-bed Banner Thunderbird Medical Center campus in Glendale.Phoenix-based Banner Health, the state’s largest health system, sold the property at 5757 W. Thunderbird Road to Scottsdale-based UDLR Healthcare.JLL represented the seller and procured the buyer, while also representing the buyer in obtaining $10.1 million in acquisition financing.The JLL Medical Properties Group Investment Advisory Sales team was led by Senior Managing Director Mindy Berman, Executive Managing Director Pat Williams, Director Matt DiCesare and Associate Liam Sorensen. JLL Medical Properties Group Debt Advisory team was led by Senior Managing Directors John Chun, Directors Anthony Sardo and Daniel Digerness and Associate Liam Sorensen.Banner Health is the largest tenant in the building, called Thunderbird Medical Pavilion. The building is 50% leased, with 7.3 years of remaining lease term, according to JLL.Banner sold improvements only to UDLR and leased the land to UDLR, which means Banner is the landlord of the property, according to Tempe-based real estate database Vizzda LLC. Banner Health, as landlord, and UDLR Capital, as tenant, entered concurrently into a 50-year ground lease, according to Vizzda.The lease is subject to three additional 10-year options to extend. Banner also has an ongoing right of first refusal and offer to repurchase or sublease the office property, which was built in 1984.UDLR Healthcare, which plans to recruit tenants to the building, is a partnership between GI Partners and a team of former exe …
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