Montecito Medical, a leading acquirer of medical office properties nationwide, has acquired a 68,000-square-foot medical building in Peoria, Arizona.

The building is 100% occupied by Banner Health, a leading health system in the Southwest headquartered in Phoenix.

“We are excited to add this outstanding medical asset to our portfolio and to build on the relationship we have established with Banner Health,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical.

The JLL Healthcare Capital Markets Advisory team, consisting of Mindy Berman, Matt Dicesare, and John Chun, along with Phoenix market leader Pat Williams, represented the seller.

At the property, which includes a multi-specialty ambulatory surgery center (ASC), Banner Health provides surgical and clinical services, advanced imaging, and primary care.

Operating 30 hospitals across six states, Banner Health is the largest private employer in Arizona and one of the largest secular nonprofit health systems in the United States.

“We are thrilled to expand our extensive medical real estate footprint in the Phoenix market, an area known for its thriving healthcare industry and growing population,” said Chip Conk, CEO of Montecito Medical. “We look forward to announcing more acquisitions in the coming months.”

Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and partnering with physicians and developers to fund development of medical real estate. The company also supports providers with a suite of AI-powered technology solutions that increase revenues, reduce costs and build physician wealth. Since 2006, Montecito has completed transactions involving more than $5 billion in medical real estate.

Headquartered in Nashville, TN, the company has been named for five consecutive years as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Real Estate Forum.