PHOENIX –Transwestern Investment Group (TIG®) and its joint venture operating partner, RX Health & Science Trust (RXHST), announce the acquisition of Copper Point, a 93,262-square-foot medical outpatient facility located at 3530 South Val Vista Drive in Gilbert, Arizona. RXHST will continue to manage the asset through final lease-up and stabilization.
“This acquisition, which was sourced off-market, is consistent with TIG’s allocation objective in niche sectors, particularly healthcare,” said Andy Norman, Director of Acquisitions at TIG. “The asset profile has a notable complement of credit tenants with term, roll-to-market leasing opportunities of existing tenancy and the lease-up of current vacancy, helping to limit risk and providing multiple avenues to add value.”
A multi-tenant property built in 2008, Copper Point is currently 87% leased to 13 tenants including City of Hope, Prosano Health (an affiliate of Blue Cross Blue Shield of Arizona), and Phoenix Children’s. The property is adjacent to Dignity Health’s Mercy Gilbert Medical Center, a 418-bed, full-service hospital strategically located at the intersection of South Val Vista Drive and Highway 202. Dignity is a member of Common Spirit Health, one of the largest non-profit health systems in the U.S.
Russell Brenner, President and Co-Founder of RXHST, said, “The re-positioning of Copper Point since our initial involvement in 2021 has been a tremendous success and the property remains well-positioned to continue to attract premier healthcare tenants. TIG has demonstrated its strong interest in the medical outpatient sector and RXHST looks to find more opportunities in which to partner with them.”
Part of the East Valley submarket, Gilbert is the largest medical outpatient submarket in Phoenix, totaling 6.8 million square feet, or 25% of the medical outpatient space in the overall Phoenix market.
“We are pleased to acquire an excellent medical property in this growing submarket of Phoenix,” said Gary Jaye, Chief Investment Officer of TIG. “RXHST has created significant value in re-positioning the asset by upgrading the quality of the tenant base and extending the length of the lease terms. We look forward to working together to finish executing on the business plan.”
First Citizens Bank provided debt financing for the acquisition.
An image of the property can be found here.
About RX Health & Science Trust
RX Health & Science Trust (“RXHST”) is a national medical outpatient real estate investment and operating platform. The company was founded in 2021 to build a portfolio of premier medical outpatient properties across the U.S. RXHST seeks opportunities where it can utilize its team of experienced healthcare real estate professionals to acquire, develop, renovate, and upgrade assets through leasing, capital and operational initiatives. For more information, please visit www.rxhst.com.
About Transwestern Investment Group
Transwestern Investment Group (TIG®), a real estate investment adviser, seeks to provide value to institutional and high-net-worth clients through what we believe to be compelling, thematic investment opportunities across property types and risk profiles within the United States. Part of the Transwestern companies, we have sourced and executed more than $8 billion of real estate investments to date in 26 markets.
Four dynamic, integrated companies make up the Transwestern enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Through offices nationwide, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at @Transwestern.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.
Media Contact:
Monica Sparreo
312.881.7059
twmediarelations@transwestern.com
