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.
