Phoenix-based Banner Health has purchased a large piece of vacant land in north Phoenix, spending $22.13 million in cash as development continues to grow around the nearby semiconductor corridor.

The deal officially closed on April 16 and includes an 18.81-acre parcel located at the southeast corner of Interstate 17 and Jomax Road. The land was sold by US Raven I LP, an entity connected to Affinius Capital, according to data from Tempe-based real estate database Vizzda LLC.

The property sits near the expanding campus of Taiwan Semiconductor Manufacturing Co., a major development in north Phoenix that has attracted significant investment and growth in the surrounding area.

Banner Health, which is the largest health system in Arizona, has not yet shared specific plans for what will be built on the newly acquired land. However, the organization indicated that the purchase is part of a broader strategy to prepare for future healthcare needs in the rapidly growing region.

In a statement, the company explained that it regularly evaluates its real estate holdings and recently made this purchase in anticipation of expanding access to high-quality care. Officials also noted that, as a nonprofit health system, acquiring land is a key part of its long-term investment approach. These types of purchases are intended to provide flexibility for future operations and help ensure the sustainability of essential healthcare services for the community.

The acquisition highlights how continued development tied to the semiconductor industry is influencing surrounding infrastructure, including healthcare, as more people and businesses move into the area.

Source: ABC15