A three-building medical office portfolio totaling 98,500 square feet in the Phoenix Metro area has traded for $12.8 million, marking a multi-buyer disposition of healthcare assets formerly operated by Cigna Medical Group and now part of Evernorth Care Group. The portfolio includes properties in Glendale, Phoenix, and Chandler and reflects ongoing investor interest in medical office buildings close to major hospital campuses.
Evernorth Care Group sold the two suburban assets in Glendale and Chandler to MCR Companies, which completed the purchases as part of a 1031 exchange. The Phoenix property in the portfolio was acquired separately by Empower College Prep. The transactions collectively transition the portfolio from a single healthcare group seller to two distinct buyers, one institutional investment platform and one educational user.
The Glendale asset, located at 5891 W. Eugie Ave, is a 35,000-square-foot, two-story medical office building. It is positioned near Banner Thunderbird Medical Center, a flagship campus in the Glendale submarket. The Chandler property, at 1717 W. Chandler Blvd, comprises an 18,600-square-foot, single-story medical office building and sits near Dignity Health Chandler Regional Medical Center, another major healthcare hub in the region.
The Phoenix building in the portfolio is located at 2302 N. 75th Ave and consists of a 44,000-square-foot, two-story medical office facility. It is proximate to Banner Estrella Medical Center, reinforcing the portfolio’s concentration around established health system campuses. With the Phoenix property now owned by Empower College Prep, that asset shifts from healthcare group ownership to an education-focused buyer.
All three buildings share a common theme of being situated near major hospital campuses in their respective submarkets, underscoring the strategic nature of the locations for healthcare-related uses and complementary services. The aggregation of these sites around Banner and Dignity Health facilities gives the portfolio a clear locational alignment with regional health systems, even as ownership diversifies across investor and owner-user buyers.
On the capital markets side, CBRE advised Evernorth Care Group across the three separate sale transactions. The seller was represented by a CBRE team consisting of Geoffrey Turbow, Emily Minnier, Brian Butler and W. Glenn Dyke. Their mandate covered the marketing and execution of the disposition to both MCR Companies, which employed a 1031 exchange strategy, and Empower College Prep, which secured the Phoenix asset.
While detailed financing terms, capitalization metrics, and operating strategies for the new owners were not disclosed, the trades illustrate ongoing liquidity for well-located medical office buildings anchored by proximity to major hospital systems. The combination of portfolio and individual-asset execution allowed the seller to complete a full disposition of the three-building collection in the Phoenix Metro area.
