Unbound Development closed 2024 with a flurry of activity at it’s ALMA 202 mixed-use development in Chandler, including the $30 million sale of the 65,931 square foot Chandler Medical Pavilion building that is fully leased to Banner Health. Unbound, in a partnership with Webb Investments, sold the property to Montecito Medical Real Estate.
Chandler Medical Pavilion was constructed on a build-to-suit basis for Banner Health. Located at 1125 S. Alma School Rd., it is adjacent to Banner Ocotillo Medical Center and located in one of the fastest growing areas in the Phoenix metro. JLL’s Medical Properties Capital Markets team represented Unbound and Webb Investments in the transaction.
“We are grateful for the opportunity to construct a cutting edge medial facility for Banner Health, who was outstanding to work with,” said Unbound President and CEO Andrew Ogan. “Montecito acquired an exceptional asset.”
While the sale of the Chandler Medical Pavilion was the biggest deal, it wasn’t the only activity at ALMA 202. Unbound has entered into a long-term ground lease with McDonalds for approximately 1 acre where McDonalds will build its own store. Additionally, Unbound will be breaking ground this fall on a 14,200 square foot multi-tenant shops building adjacent to McDonalds. Zach Pace and John Warren from Phoenix Commercial Advisors are handling the leasing of the shops building for Unbound and represented Unbound in the McDonalds ground lease.
Other leasing activity at ALMA 202 includes Starbucks agreeing to lease 2,500 square feet of the shops building and Pinky’s Nails leasing 2,500 square foot there, as well.
“We are seeing strong demand in this market and ALMA 202 is well positioned to attract high quality tenants,” added Ogan. “We have additional improved sites for a 40,000 square foot retailer, an approximate 40,000 square foot medical office building fronting Loop 202 and still have 9,000 square feet remaining in the shops building for retail tenants who want to be next to McDonalds, Starbucks & the future Costco Business Center directly across the street from us.”
ALMA 202 is a 15-acre mixed-use development that Unbound began in 2020. The site was designed by Butler Design Group and the next phase at Alma 202 is in the planning stages. These plans include a 40,000 square foot retail building behind McDonalds and Starbucks and another 40,000 square foot medical office building next to the Chandler Medical Pavilion that was just sold.
