PHOENIX--(BUSINESS WIRE)--Colliers International announces that Vancouver-based private investor Talia Jevan Properties (TJP) has acquired the Lifeprint Health Center at 20414 N. 27th Avenue in Phoenix for $20.5 million. The Lifeprint property represents TJP’s second Class A acquisition in the U.S.
Bob Broyles, senior vice president with Colliers International in Greater Phoenix, and Simon Lim, executive vice president with Colliers in Vancouver, represented TJP in negotiating the purchase of this key investment property. Eric Wichterman, Mike Coover and Tom Weinhold with Cassidy Turley Arizona represented the seller, Winthrop Realty Trust of Boston.
Built in 2008, the 81,875-square-foot, five-story Lifeprint Health Center is a trophy Class A medical property located at the intersection of two major freeways—I-17 and West Loop 101. Situated near retail amenities and within a few blocks of the John C. Lincoln Deer Valley Hospital, the building also includes a 4½-story parking garage with 300+ spaces.
“The Lifeprint Health Center is a great addition to Talia Jevan’s portfolio,” Broyles said. “Its strong base of synergistic tenants, state-of-the-art amenities and proximity to the hospital, combined with a fantastic location, make this a highly attractive medical property.”
The property is currently 98 percent occupied with a range of strong tenants. Lifeprint, a primary care, multispecialty clinic owned by UnitedHealthcare, occupies approximately 50 percent of the building. Other tenants include Premier Research Group, SimonMed Imaging, Southwest Desert Cardiology, Sonora Quest Laboratories, and Central Garden and Pet.
"To date, we've acquired just under $40 million in U.S. real estate. Our goal is to have upwards of $100 million within a short time frame,” said Harmel S. Rayat, president of Talia Jevan Properties. “As with our Canadian portfolio and our recent purchase of 94 Hundred Shea, a 74,000-square-foot mixed-use retail and office complex in North Scottsdale, we are primarily interested in Class A assets.
“As such, we are thrilled about the unique and rare opportunity to acquire this almost fully leased Class A medical property, which is home to many high quality tenants,” said Rayat. “We look forward to seeking additional high-caliber acquisitions like this in the near future.”
TJP will continue to work closely with Colliers International and lead advisors Vector Asset Management, Inc. in making further strategic acquisitions.
“This follow-on acquisition marks Talia Jevan’s second such purchase in as many months, a rapid deployment of our near-term $100 million-plus allocation,” said Jay S. Bhogal, President and CEO of Vector Asset Management. “We’re confident that both of these target acquisitions and timing are opportune.”
The Phoenix team of Cohen Financial, led by Partner-Director Brandon Harrington, arranged acquisition financing for this transaction. “We were able to close the deal in 30 days due to our management of the underwriting and legal process, which is critical in a volatile interest rate environment. In addition, we were able to mitigate rollover risk with our correspondent lender to maximize proceeds,” said Harrington.
The Lifeprint Heath Center will be managed by the well-known Plaza Companies. Megan Sherwood with Plaza will manage the leasing.
About Talia Jevan Properties, Inc.
Established in 2006, Talia Jevan Properties, Inc. is a privately owned investment firm specializing in the acquisition and long term ownership of “signaturesque” commercial real estate assets throughout North America. Talia Jevan’s present portfolio consists of 440,000 square feet of prized, commercial real estate properties, which range from irreplaceable heritage buildings in downtown Vancouver, British Columbia, to state-of-the-art medical and class-A retail and office properties in Scottsdale, Arizona. While recognized as one of the premier non-institutional, non-generational, privately held real estate companies, Talia Jevan is also renowned for providing exceptional service to all of its valued tenants and being responsive and respectful to all of its advisors, including investment sales professionals, leasing agents, lawyers, bankers and property managers.
About Colliers International
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.
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Colliers International in Greater Phoenix has served clients locally and globally for more than 30 years.
