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Jon Hammes' Hammes Partners Acquires Ironwood Medical Pavilion From Plaza Companies & Ryan Companies In Queen Creek

Property Image
SOLD
$23,325,000

Arizona

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Medical Office60,000 SF
Sold 09/20/2023
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Property Image
SOLD

Jon Hammes' Hammes Partners Acquires Ironwood Medical Pavilion From Plaza Companies & Ryan Companies In Queen Creek

37000 North Gantzel Road

See Similar Deals
Medical Office60,000 SF
Sold 09/20/2023
the dealplayerscompscontact
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Summary

ARIZONA
Asset Type:Medical Office
Price Per Square Foot:$388
Total Square Footage:60,000 SF
Transaction Type:Sale

The Ironwood Medical Pavilion, located on the Banner Ironwood Medical Center campus in Queen Creek, AZ, has been sold for $23.325 million. The property is a medical office with a total square footage of 60,000 and a price per square foot of $389. The address of the property is 37000 North Gantzel Road.

Summary of transaction details

  • Property Type: Medical Office
  • Transaction Amount: $23,325,000
  • Square Footage: 60,000
  • Price per Square Foot: $389
  • Address: 37000 North Gantzel Road, Queen Creek, AZ

The buyer of the Ironwood Medical Pavilion is Jon Hammes, representing Hammes Partners. The sellers are Sharon Harper, representing Plaza Companies, and Brian Murray, representing Ryan Companies. The successful sale of the property marks a significant transaction in the medical office market in Queen Creek, AZ.

Players

JH
Jon Hammes
2 deals$38.7M volume
BUYER

Details

SOLD
IMAGE: Sharon Harper, Brian Murray & Jon Hammes DATE: 09/20/2023 ADDRESS: 37000 North Gantzel Road MARKET: Queen Creek, AZ ASSET TYPE: Medical Office BUYER: Jon Hammes - Hammes Partners SELLER: Sharon Harper - Plaza Companies & Brian Murray - Ryan Companies SALE PRICE: $23,325,000 SF: 60,000 ~ PPSF: $389 NOTE: Plaza Companies and Ryan Companies have successfully sold the Ironwood Medical Pavilion, located on the Banner Ironwood Medical Center campus in Queen Creek, to Hammes Partners for $23.325 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,243,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$82,868.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$110,572.40
Annual Debt Service$1,326,868.80