Medical building near Westgate Entertainment Center closes

With easy freeway access just off of the Loop 101, 7410 North Zanjero Boulevard is a 10,500 square foot medical building that sold for $3,215,000 ($306/SF). Leased to Palo Verde Cancer Specialists, there are over $2 million in tenant improvements made to the property for this specialized use. The property is adjacent to Westgate Entertainment District, one of the largest entertainment districts in Arizona and home to the NFL’s Arizona Cardinals and the NHL’s Arizona Coyotes. Along with numerous shopping and dining amenities, this property is surrounded by newer residential and destination commercial developments, such as the Tanger Outlet Mall, Cabela’s, Desert Diamond Casino and thousands of both recently built or under construction multifamily units.

Principals Ari Spiro and Sean Stutzman of ORION Investment Real Estate brokered the sale. Spiro commented, “We’re seeing strong investor interest in the West Valley and particularly in the Westgate submarket. The buyer for this asset was drawn to the vibrant location, newer construction and the strength of the tenant, Palo Verde Cancer Center. Healthcare-related investments are popular among long-term investors who believe that the aging population will be driving this sector for years to come.”

The Seller was Select Zanjero Property, LLC based in Santa Fe, CA and the Buyer was Westgate Medical Holdings, LLC based in Glendale, AZ. Palo Verde Cancer Center was fully leased at close of escrow.

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