Cassidy Turley announced the successful sale of a ±49,816 square foot medical office building at 555 North 18th Street in Phoenix’s downtown submarket. San Francisco-based Stockbridge Funds purchased the St. Luke’s Medical property for $8.45 million ($169.62/psf) from Chicago-based Heitman Real Estate Investment Management.
Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer and seller.
Built in 2006, St Luke’s Medical Building is a multi-tenant medical office project on 5.63 acres. The property is located north of Van Buren Street on 18th Street, adjacent to St. Luke’s Medical Center and one-half mile from Interstate 10. St Luke’s Medical Building was 86% occupied at the time of sale. The new owner plans to hold the property and continue to lease-up the remaining space.
St. Luke’s Medical Center announced it has been once again been designated an Aetna Institute of Quality® Orthopedic Care Facility for total joint replacement. St. Luke’s is the only hospital in Arizona to receive this specific level of distinction.
Aetna makes information about the quality and cost of health care services available to its members to help them make informed decisions about their health care needs. In line with this goal, Aetna recognizes hospitals and facilities in its network that offer specialized clinical services for certain health conditions. Facilities are selected for consistently delivering evidence-based, safe care.
“St. Luke’s Medical Center is pleased to receive this esteemed distinction from Aetna, in the area of total joint replacement,” said Ed Myers, CEO, St. Luke’s Medical Center. “Our medical professionals strive for excellence by giving each and every patient high quality, consistent health care day in and day out.”
As leaders in high quality, specialized orthopaedic care, surgeons on the medical staff at St. Luke’s Medical Center offer innovative procedures designed to meet the individual needs of patients. The dedicated orthopedics unit at St. Luke’s Medical Center features 20 all-private, spacious rooms with breathtaking views of both the city skyline and the surrounding mountains. The newly remodeled until also includes four state-of-the-art nursing stations designed to keep nurses near their patients for optimum care. For more information about the orthopaedic services offered at St. Luke’s Medical Center, visit AZMoreMotion.com or call toll-free 1-855-931-MORE (6673).
Blue Cross Blue Shield of Arizona has named both Mountain Vista Medical Center and St. Luke’s Medical Center as a Blue Distinction Center+ in the area of Knee and Hip Replacement.
The Blue Distinction Centers for Specialty Care® program is a national designation awarded by Blue Cross Blue Shield companies to medical facilities that have demonstrated expertise in delivering quality specialty care – and has recently been expanded to include more robust quality measures focused on improved patient health and safety as well as new cost-efficiency measures.
The selection criteria used to evaluate facilities were developed with input from the medical community and include general quality and safety metrics as well as program specific metrics. Mountain Vista and St. Luke’s are proud to have met the rigorous selection criteria that have been set by the Blue Distinction Centers for Specialty Care program.
“Our hospitals are honored to be recognized for their enduring commitment to deliver quality specialty orthopaedic care in a cost-efficient way,” said Bob Wallen, regional vice president, Managed Care, for IASIS Healthcare, the parent company of Mountain Vista and St. Luke’s. “This designation will help guide patients to choose the very best care available.”
Research confirms that the newly designated Blue Distinction Centers and Blue Distinction Centers+ demonstrate better quality and improved outcomes for patients, with lower rates of complications and readmissions than their peers. Blue Distinction Centers+ also are more than 20 percent more cost-efficient. The program provides consumers with tools to make better informed health care decisions, and these results will enable employers, working with their local Blue Plan, to tailor benefits to meet their individual quality and cost objectives.