HonorHealth outbids Banner for 48 acres in Arizona

Banner Health had its eyes on a parcel of land in Scottsdale, Ariz., but HonorHealth ended up winning a bidding war, the Phoenix Business Journal reported Nov. 17. 

Phoenix-based Banner Health originally asked the Arizona State Land Department to sell the 48 acres, according to the Journal. The health system planned to build a campus spanning more than 1 million square feet, complete with an acute-care hospital, surgery center and medical office buildings. 

But Scottsdale-based HonorHealth beat out Banner Health, raising the $56.95 million initial bid to $84 million in a live auction held Nov. 16, the Journal reported. 

"HonorHealth is excited to be able to direct the responsible development of the property to meet the healthcare and other needs of a community we have faithfully served for over half a century," a spokesperson for the health system told Becker's in a statement. "This acquisition certainly provides even more options to us in planning for the best interests of the North Valley."

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