Phoenix, Ariz.-based Banner Health sold its Peoria, Ariz.-based Banner Health Center for $29 million, with plans to lease it back from the new owner, the Phoenix Business Journal reported March 17.
An entity traced to Montecito Medical Real Estate purchased the 73,327-square-foot medical center. The property was built in 1989 on 5.65 acres.
"Banner sold this property and will lease it back from the new owner to continue providing clinical services at this location," Rebecca Armendariz, spokesperson for Banner, told the Journal. "We intend to reinvest a portion of the sale proceeds into building upgrades to enhance the patient experience."