Montecito Buys Banner Health Center in Peoria, Arizona for $29M

by Jeff Shaw

PEORIA, ARIZ. — Montecito Medical Real Estate has acquired Banner Health Center Peoria, a fully leased, 68,000-square-foot medical building in Peoria, for $29 million. 

The three-story medical office building features a multi-specialty ambulatory surgery center with three operating rooms, advanced imaging, and primary and specialty care. It is leased on a single-tenant basis to Banner Health. 

The center is a key outpatient location for Banner Health, serving its patients in the northwest Phoenix metro area.  It is less than two miles from the 410-bed Banner Boswell Medical Center. 

JLL represented the seller, Banner Health, in this transaction. The JLL Healthcare Capital Markets Advisory team consisted of Mindy Berman, Matt Dicesare and John Chun, along with Phoenix market leader Pat Williams.

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