Source: Plaza Companies
Plaza Companies has partnered with a national real estate developer to build a new class-A medical office building on Banner Estrella Medical Campus in Phoenix.
Plaza is partnering with Duke Realty in a joint venture to build the project. Founded in 1972 in Indianapolis, Duke Realty has a significant national real estate portfolio, but this is one of their first entries into the Phoenix marketplace.
The facility, located on the southeast corner of Loop 101 and Thomas Road, will be called Banner Estrella Medical Plaza II and will be designed to complement an existing building—also constructed by Plaza Companies—which opened on the Banner Estrella Medical Campus in 2005. The new addition to the campus will be a Class A, five-story, 70KSF building initially, with future expansion capabilities up to 125KSF.
The building will boast a direct, pedestrian-friendly connection to the hospital, abundant parking and will be highly visible from the 101 freeway. The 50-acre medical campus is owned by Banner Health and a long term ground lease has been agreed upon by the parties for the development of this project.
Construction is anticipated to begin this year, and preleasing is underway with a number of tenants in current negotiations. Similar to the first building on the campus, equity ownership in the building is available to physicians that sign leases prior to the building opening. This program has been extremely successful for the physician owners of many of Plaza properties and offers an added unique opportunity for the tenants.
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