Contact: Rick Kleiner, Cushman & Wakefield | PICOR (520) 440-2745
El Rio Health, Meridian and Tenet Healthcare have reached agreement for El Rio Health to acquire the former Tucson Heart Hospital, 4888 N. Stone, Tucson, Arizona. Sale of the vacant 94,569-square-foot medical building located on a 9.27-acre parcel was recorded for $8,050,000. The former inpatient hospital, which has been vacant for 15 years, will be converted into a state-of-the art health center fully designed to meet El Rio Health’s service line needs.
Richard M. Kleiner, Principal, Commercial Properties, Cushman & Wakefield | PICOR, represented Meridian’s purchase and El Rio’s lease of the property. Collaboration initiated by Kleiner between El Rio Health and Meridian led to negotiation of a deal structure which provided El Rio Health with a flexible option to own the medical facility at a favorable purchase price and ensured a turnkey construction solution.
El Rio Health is a Federally Qualified Health Center (FQHC) that has provided comprehensive, accessible, and affordable healthcare to the Tucson community for 54 years. Meridian is a full-service real estate developer and owner of medical real estate.
Construction is to begin later this month, with completion anticipated in early 2026. Building improvements will provide El Rio Health with a modern, functional, and patient-centric environment that enhances care delivery and operational efficiency. The interior will be completely demolished and rebuilt, allowing for an entirely new code-compliant, energy-efficient facility designed to maximize patient experience and throughput. The outdated central utility plant will be fully replaced with new systems tailored to El Rio Health’s specific needs. The building will also feature a new roof, new heating, cooling, and fire sprinkler systems, new water-efficient landscaping, and a new parking lot.
About the Sale & Lease
SALE: Buyer is MP-TH Stone Tucson Owner, LLC. Cushman & Wakefield | PICOR, agent Richard M. Kleiner, Principal, Commercial Properties, represented Buyer. Seller is CHVI Tucson Holdings, LLC. Transwestern Real Estate Services, agents Kate Morris and Vince Femiano, represented Seller.
LEASE: Tenant is El Rio Santa Cruz Neighborhood Health Center, Inc. Cushman & Wakefield | PICOR, agent Richard M. Kleiner, Principal, Commercial Properties, represented Tenant. Landlord is MP-TH Stone Tucson Owner, LLC.
About Cushman & Wakefield | PICOR www.picor.com
Cushman & Wakefield | PICOR is the market leader for Tucson commercial real estate, offering sales, leasing, and property management for medical, office, retail, industrial, multi-family and investment properties in Southern Arizona and Sonora, Mexico. Richard M. Kleiner has 29 years’ experience in medical and office property brokerage rkleiner@picor.com 520-440-2745.
About El Rio Health www.elrio.org
El Rio Health is the largest provider of medical services for the uninsured and Medicaid populations in Pima County. El Rio serves the medical, dental, and behavioral health needs of over 128,000 patients annually. El Rio employs over 1,900 people with an annual budget of over $255 million dollars. A national model of health care excellence, El Rio’s mission is to “improve the health of our community through comprehensive, accessible, affordable, quality and compassionate care.
About Meridian www.mpcca.com
Meridian is a full-service real estate developer and investor specializing in high-quality, brand-enhancing healthcare and life science developments. Meridian focuses on solving real estate challenges for healthcare providers and systems, including opportunistic repurposing, value-add, core-plus, and build-to-suit projects across the continuum of care. The firm owns and manages healthcare properties throughout the United States and continues to aggressively pursue acquisitions and developments.
