Meridian and Harrison Street Sell 182,900 SF El Dorado Medical Plaza in Tucson

Meridian and Harrison Street Asset Management have completed the sale of El Dorado Medical Plaza, a three-story healthcare campus at 1400 N. Wilmot Road in Tucson, Arizona. Medical Realty, based in Franklin, Tennessee, acquired the asset, and the purchase price was not disclosed.

The property sits on 11.7 acres and includes roughly 182,900 square feet of medical office space, a surgery center and hospital uses. Tucson Medical Center and El Dorado Springs Behavioral Health, a behavioral hospital operated by Lifepoint Health, serve as anchor tenants. Tucson Medical Center occupies about 78,000 square feet, and the ownership group negotiated a lease extension with it before the sale.

JLL's Medical Properties Group represented the seller, and a JLL team also arranged financing for the buyer. Meridian and Harrison Street acquired the property in March 2021 through a joint venture. During their hold, the partners made capital improvements and worked with major tenants on multi-year lease commitments and expansions.

For investors, the deal shows continued institutional demand for anchored medical office campuses with hospital and surgical components, particularly where long-term health system tenants have recently extended their leases.