Mercy Medical Commons
- Development & Ownership
- Property Management
Purchase Date: December | 2009
Purchase Price: $12.7 million
Equity: $2.7 million
Sale Price: $14.2 million
Sale Date: December | 2013
- Demand-driven site identification
- National and local credit tenants diversified the rent roll to maximize investor returns
Irgens was engaged in the very early stages of this project after a prior developer was unable to secure appropriate financing. Using its debt and equity sources, Irgens was able to finance the project and work aggressively and successfully with a local broker partner to prelease 70% of the building to four established and growing medical practice groups.
Mercy Medical Commons, winner of the 2010 NAIOP Medical Office Development of the Year award, is an upscale medical office building located in Gilbert, Arizona. The building is adjacent to Mercy Gilbert Medical Center, a 206-bed, acute care hospital that opened in 2006 to serve residents of Phoenix’s growing East Valley region.
Mercy Medical Commons was developed as a two-story, Class A structure offering 48,000 square feet of space, exclusive to healthcare providers. The compliment of medical services included national and local credit tenants that diversified the rent roll making the asset attractive to medical office investment portfolios.