Search
 

Arizona Heart Institute Seals 15-Year Sale/Leaseback

PHOENIX-A Scottsdale investment group lays down $8.3 million for a 47,286-sf medical office building in a sale/leaseback deal to the Arizona Heart Institute. The institute in turn will funnel income from the sale toward construction of two new hospitals in China.

By Lee Simmons | Updated on June 20, 2004

PHOENIX-An $8.3-million sale/leaseback guarantees a medical provider’s expansion plans in China. The Arizona Heart Institute sold its 47,286-sf office building in East Phoenix with plans to direct funds from the sale toward construction of two medicalfacilities in the Far East.

Tim Grant, a partner with Scottsdale Investment Management, tells GlobeSt.com that the private, off-market sale closed with a $6-million loan from PNC Bank of Pittsburgh. The 10-year loan cleared at a 6% fixed-rate interest.

In structuring the sale/leaseback, Scottsdale Investment Management got the locally based institute to commit to a 15-year lease for the three-story building at 2632 N. 20th St. Grant cites the long-term lease and the building’s proximity to the freeway and Downtown as factors motivating the partners to buy.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.