A medical office property on the Banner Thunderbird Medical Center campus in Glendale has been sold in a ground lease transaction for $13.5 million. Phoenix-based Banner Health, the property seller, transferred ownership to Scottsdale-based UDLR Healthcare. The property, known as Thunderbird Medical Pavilion, is 50% leased, and Banner Health remains the largest tenant. UDLR Healthcare, a partnership involving GI Partners and former Healthcare Trust of America executives, acquired the property and plans to attract additional tenants. The transaction also involved the negotiation of a 50-year ground lease with options for extensions.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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