Inland Real Estate closes Arizona medical office deal

Inland Real Estate Acquisitions in Oak Brook said it negotiated and closed the purchase of the Banner Health Medical Office Building, located in Phoenix, Arizona.

Sharon Anderson-Cox, senior vice president of Inland Real Estate Acquisitions, completed the deal, with assistance from David Neboyskey, vice president and associate counsel of The Inland Real Estate Group Law Department, on behalf of an Inland affiliate.

The newly built, state-of-the-art property is located at 4375 East Irma Lane in Phoenix. It includes 29,350 square feet of Class-A medical office space with 30 exam rooms that is 100 percent leased to Banner Health, the largest private employer in Arizona.

The new Banner Health location provides medical care to approximately 204,540 residents within a five-mile radius.

"The property's ideal location, newer construction and long-term medical tenant made this transaction a prime example of the type of medical office properties we continue to seek and acquire," said Anderson-Cox. "This transaction marks Inland's third acquisition in Arizona this year."

To date, Inland Real Estate Acquisitions, LLC has facilitated more than $45 billion of purchases including retail centers, apartments, single-tenant properties and a total of more than $323 million in medical office buildings.