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Real Estate Forward

Acquisition of Medical Office Buildings in Phoenix

Phoenix, Arizona

Big Sky, a leading healthcare provider, sought to acquire three multi-tenant medical office buildings in Phoenix, Arizona, for a total of $46 million.

ESTIMATED VALUE:
$46 million

LEAD ATTORNEYS:

OTHER TEAM MEMBERS:

STATUS:
Deal completed in December 2023

Big Sky, a leading healthcare provider, sought to acquire three multi-tenant medical office buildings in Phoenix, Arizona, for a total of $46 million. The transaction seemed straightforward, but a significant hurdle emerged: ongoing tenant improvement work at the properties. This posed challenges with title insurance and lien priority, potentially jeopardizing financing and delaying the deal.

As Big Sky’s trusted real estate and corporate counsel, we were brought in to navigate these complexities. We understood the importance of this acquisition for Big Sky’s expansion plans and the potential consequences of delays.

Our team collaborated closely with Big Sky and their lender to devise a solution. We negotiated with the seller for an extended closing timeline, allowing us to meticulously address the title and lien concerns arising from the ongoing tenant work.

On December 28, 2023, the deal successfully closed. By securing additional time and working diligently, we overcame the title and lien hurdles, ensuring a smooth closing for Big Sky. This accomplishment enabled Big Sky to acquire the strategic medical office properties, furthering their growth objectives in the Phoenix market.

This project demonstrates our unwavering commitment to providing exceptional legal counsel and exceeding client expectations. We are proud to have played a role in Big Sky’s successful acquisition, paving the way for their continued success in the healthcare industry.