Updated Dec 4, 2024
Jon Hammes' Hammes Partners Acquires Ironwood Medical Pavilion From Plaza Companies & Ryan Companies In Queen Creek
37000 North Gantzel Road
$23,325,000
$388/SF
Building Size
60,000 SF
Asset Type
Medical Office
Closing
Sep 20, 2023
About this deal
AI
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
San Tan Valley Medical Office Market Snapshot
Boundary boundary · Medical Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93