PHOENIX — Vancouver-based private investor Talia Jevan Properties (TJP) has acquired the Lifeprint Health Center in Phoenix for $20.5 million from Winthrop Realty Trust of Boston. The medical property represents TJP’s second Class A acquisition in the United States, and it likely won’t be the last.
“To date, we’ve acquired just under $40 million in U.S. real estate. Our goal is to have upwards of $100 million within a short time frame,” says Harmel Rayat, president of TJP. “As with our Canadian portfolio and our recent purchase of 94 Hundred Shea, a 74,000-square-foot mixed-use retail and office complex in North Scottsdale, we are primarily interested in Class A assets.”
Built in 2008, the 81,875-square-foot, five-story Lifeprint Health Center is a Class A medical property located at 20414 N. 27th Ave. at the intersection of two major freeways: I-17 and West Loop 101. Situated near retail amenities and within a few blocks of the John C. Lincoln Deer Valley Hospital, the building also includes a 4½-story parking garage with more than 300 spaces.
The property is currently 98 percent occupied. Lifeprint, a primary care, multispecialty clinic owned by UnitedHealthcare, occupies approximately 50 percent of the building. Other tenants include Premier Research Group, SimonMed Imaging, Southwest Desert Cardiology, Sonora Quest Laboratories and Central Garden and Pet.
Bob Broyles, senior vice president with Colliers International in greater Phoenix, and Simon Lim, executive vice president with Colliers in Vancouver, represented TJP in negotiating the purchase of Lifeprint Health Center. Eric Wichterman, Mike Coover and Tom Weinhold with Cassidy Turley Arizona represented the seller.
The Lifeprint Health Center is a great addition to TJP’s portfolio for a few reasons, explains Broyles. “Its strong base of synergistic tenants, state-of-the-art amenities and proximity to the hospital, combined with a fantastic location, make this a highly attractive medical property.”
TJP plans to continue working closely with Colliers International and lead advisors Vector Asset Management Inc. in making further strategic acquisitions.
The Phoenix team of Cohen Financial — led by partner and director Brandon Harrington — arranged acquisition financing for the transaction.
Plaza Cos. will manage Lifeprint Heath Center. Megan Sherwood with Plaza will oversee leasing at the medical property.
Established in 2006, TJP is a privately owned investment firm specializing in the acquisition and long-term ownership of “signaturesque” commercial real estate assets throughout North America.
The firm’s portfolio currently consists of 440,000 square feet of coveted commercial real estate properties, which range from heritage buildings in downtown Vancouver, British Columbia, to state-of-the-art medical and Class A retail and office properties in Scottsdale.
— Matt Valley