Medical real estate company HPA Exchange LLC has acquired a microhospital with an emergency room and imaging center in Phoenix, fully leased to Dignity Health. The 3.92-acre facility features 38,900 rentable square feet and includes a 24/7 emergency department, patient beds, advanced operating suites, a laboratory, radiology suite, pharmacy, and cafeteria.

Robert Lee, co-president and chief investment officer of HPA Exchange, emphasized the strategic importance of this acquisition. "We are thrilled to announce the acquisition of this well-located healthcare property that is leased on a long-term, absolute net-lease basis to an investment-grade tenant," Lee stated. He highlighted that HPA Exchange targets healthcare real estate in growth markets with stable health systems and a growing aging population.

Built in 2014 for Arizona General, a subsidiary of Dignity Health, the micro-hospital represents a shift toward non-high-acuity healthcare facilities in community settings. Thuy Turner, co-president and chief operating officer of HPA Exchange, noted, "These facilities are designed to service the community for better access and efficiency."

Dignity Health, part of CommonSpirit Health, operates over 2,200 care sites in 24 states. With an upgraded Moody's credit rating of A3 and 2023 revenues of $34.6 billion, Dignity Health is the largest Catholic health system in the U.S.

HPA Exchange was launched in 2024 by the executive team of Healthcare Property Advisors to provide institutional-quality medical real estate investments. Headquartered in Brea, California, the firm focuses on properties operated by leading healthcare systems, physician groups, and life science groups. The acquisition aligns with HPA Exchange's strategy to invest in mission-critical healthcare real estate.

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