Utah Surgical Center

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to offer for sale the fee simple interest in the 23,934-square-foot Utah Surgical Center Medical Office Building ("Utah Surgical" or "the Property") in an infill Salt Lake City-Murray Metropolitan Statistical Area (“Salt Lake City MSA”) location in West Valley City, Utah. The medical office building is 100 percent occupied by two tenants and features a four-OR ambulatory surgery center (“ASC”) operated by Wasatch Front Surgery Center, LLC (“Utah Surgical Center” or “USC”), a joint venture between HCA-owned Hospital Corporation of Utah and physicians that are in large part affiliated with MountainStar Healthcare, a division of HCA, or Granger Medical Clinic. HCA, rated BB+ by Fitch Ratings, is the largest health system in the United States with 182 hospitals and $48B of net patient revenue in 2022. Granger Medical Clinic (“Granger”) is one of the largest independent, physician-owned medical clinic groups in Utah with over 170 physicians across 28 locations including their newly constructed flagship location just around the corner in West Valley City. 

Strategically located 10 miles southwest of the Salt Lake City CBD, the Property was originally a build-to-suit for USC completed in 2002 and features two tenants with 2.8 years of average remaining lease term. Since inception, the Property has been anchored by USC who currently occupies 81 percent (19,327 square feet) of the building’s rentable square feet with the building’s remaining 19 percent occupied by Summit Foot and Ankle (“Summit”), a podiatry physician group with 11 locations across Utah. 

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The investment offers desirable in-place yield with attractive 3.0 percent annual rent escalations from both tenants. The offering is an exceptional opportunity to acquire a medical office building with an ASC operated by the largest health system in the United States and with many physician partners that are affiliated with one of Salt Lake City’s largest physician groups. The building features fee simple ownership and is available free and clear of debt.