News release

Phoenix medical building portfolio sells for $32 million

JLL Capital Markets facilitates the sale and $25 million acquisition financing of the portfolio

February 13, 2024

Alli Semans

Hotels & Hospitality and Capital Markets PR
+1 330 329 6750

PHOENIX, Feb. 13, 2024 –  JLL Capital Markets announced today that it arranged the $32 million sale and the $25 million financing of a strategically located outpatient medical building portfolio totaling 80,315 square feet.  The portfolio consists of three Banner Health Centers located in the high-growth east valley of Phoenix in Mesa, Gilbert and Queen Creek, Arizona.

JLL represented the seller, Banner Health, and procured the buyer, Stockdale Capital Partners. JLL also represented the buyer and borrower, Stockdale Capital Partners, in obtaining acquisition financing.

The portfolio is 100 percent occupied by Banner Health, one of the largest nonprofit health systems in the country, to administer outpatient care. The properties were constructed in 2013 and 2014 to meet the high growth in demand for healthcare services in the east valley of Phoenix. Banner Health Centers are Banner’s preferred consolidated outpatient delivery platform for primary care, select specialties and services such as lab, imaging and pharmacy under one roof.

The JLL Medical Properties Group Investment Advisory Sales team was led by Senior Managing Director Mindy Berman, Executive Managing Director Pat Williams, Director Matt DiCesare and Associate Liam Sorensen. JLL Medical Properties Group Debt Advisory team was led by Senior Managing Director John Chun, Director Daniel Digerness and Associate Liam Sorensen.

"This high-quality medical portfolio is ideally positioned to capture and grow outpatient market share," said Berman. "The properties are strategically located on major thoroughfares in densely populated pockets of the east valley of Phoenix. We were delighted to select Stockdale to partner with Banner Health and are excited to see Stockdale grow its healthcare real estate portfolio.”

“Stockdale is pleased to partner with Banner Health on the acquisition of these three medical office buildings. This acquisition will allow us to support Banner’s continued care delivery in these rapidly-growing markets,” said Andrew Saba, Managing Director, Healthcare at Stockdale Capital Partners. “Our dedicated Healthcare Fund will continue to look for attractive real estate investment opportunities across the country as demand for outpatient healthcare increases.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

About Banner Health

Banner Health is one of the largest, secular nonprofit health care systems in the country. In addition to 33 hospitals, Banner also operates an academic medicine division, Banner – University Medicine, and Banner MD Anderson Cancer Center, a partnership with one of the world’s leading cancer programs, MD Anderson Cancer Center. Banner’s array of services includes a health insurance division, employed physician groups, outpatient surgery centers, urgent care locations, home care and hospice services, retail pharmacies, stand-alone imaging centers, physical therapy and rehabilitation, behavioral health services, a research division and a nursing registry. To make health care easier, 100% of Banner-employed doctors are available for virtual visits and patients may also reserve spots at Banner Urgent Care locations and can book appointments online with many Banner-employed doctors. Headquartered in Arizona, Banner Health also has locations in California, Colorado, Nebraska, Nevada and Wyoming. For more information, visit


About Stockdale Capital Partners

Stockdale Capital Partners is a vertically-integrated real estate investment firm with a 30-year history of investing in commercial real estate across multiple asset classes throughout the U.S. The company is an owner/operator specializing in the redevelopment and repositioning of real estate assets with expertise in revitalizing urban properties of all types. The firm currently manages approximately $2.8 billion in gross AUM on behalf of several discretionary, commingled closed-end and open-ended funds. For more information, please visit our website at


About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit