Ironwood Medical Pavilion II_Property for Sale
Ironwood Medical Pavilion II_Property for Sale
37200 N Gantzel Rd, Queen Creek, AZ, 85140-7368, US

Ironwood Medical Pavilion II

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present to qualified investors an opportunity to acquire Ironwood Medical Pavilion II (“Ironwood” or “Property”), a trophy, medical office building located in the Phoenix, Arizona metro and on the campus of Banner Ironwood Medical Center. Delivered in September 2019, Ironwood is 99% leased and anchored by Banner Health (“Banner”) (Fitch:

AA-), the highest profile health system and largest private employer in the state of Arizona. Banner or affiliates of Banner

lease a total of 58% of Ironwood and provide an array of services including an ASC, nephrology, rheumatology, neurology, and spine care. The remainder of the Property is leased to high-quality clinical physician groups with specialties such as cardiology , podiatry, dermatology, autism therapy, ENT, rheumatology, and OB/GYN. The average remaining lease term for all Ironwood tenants is 6.9 years.

Ironwood is situated in the Town of Queen Creek, Arizona. Queen Creek is a rapidly growing suburb of Phoenix that has seen a substantial influx of new residents, resulting in a population growth forecast of 1.94% annually over the next 5 years. For comparison, the population for the state of Arizona is forecasted to grow 0.65% annually over the same timeframe. In addition to rapid population growth, Queen Creek residents boast an average household income of $148,000, which exceeds the state of Arizona average by almost 60%. The momentum Queen Creek has seen translates exceptionally well for

healthcare, as Advisory Board has projected outpatient service demand to grow

65% over the next ten years.

Ironwood produces approximately $1.5 million in net operating income with upside

to generate additional cash flow through mark to market opportunities. The Property

provides investors with the ability to enter a high growth market and develop a

relationship with a world-class health system.



Building area Gross
5,695 m²
Year built


Investment Highlights

  • Best-in-class medical office facility developed in 2019 and located on-campus at Banner Health’s 86-bed Ironwood Medical Center, in Phoenix’s thriving southeast valley, and the only hospital supporting Queen Creek and San Tan Valley
  • Developed, owned, and managed in a venture between Plaza Companies and Ryan Companies US, Inc.
  • Anchored by Banner Health (Fitch: AA-), the largest employer in the state of Arizona, who directly leases 26% and another 32% with affiliated parties
  • Exposure to the largest and highest profile health system in Phoenix and the state of Arizona – Banner Ironwood Medical Center is a top performer within Banner Health’s hospital network
  • Diversified tenant mix offering an array of high acuity services including an ambulatory surgery center (ASC), autism therapy, nephrology, gynecology, neurological care, spine care, rheumatology, pulmonary & sleep disorder, cardiology, podiatry, physical therapy, occupational therapy, and dermatology
Ironwood Medical Pavilion II 4_Property for Sale
Ironwood Medical Pavilion II 4_Property for Sale

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Last updated
6 Sep 2023