Tag Archives: Barrow’s Neurological Institute

333 West Thomas

Toronto investor buys central Phoenix medical building

A central Phoenix building that is a home for crucial medical centers that help thousands of people get well each year has a new owner.

A Toronto-based private investor purchased the medical office building at 333 West Thomas Road, which is across the street from one of the largest hospitals in the state, St. Joseph’s Medical Center (home to the world-renowned Barrow’s Neurological Institute and the Muhammed Ali Parkinson Center).

The seller retained Aaron Kuhl, Plaza’s Senior Vice President of Brokerage Services, as the exclusive representative based on his extensive experience with the medical and investment communities in Arizona.

Plaza’s leasing team has been actively marketing the 333 West Thomas building to new tenants for the past two years, with Megan Sherwood and Perry Gabuzzi of Plaza bringing the building from 50% occupancy up to 94% occupancy at the time of closing.

The investor selected the Plaza Companies team to handle all leasing, property management and construction responsibilities at 333 West Thomas.

“It was a pleasure to work with seasoned investors and brokers on all aspects of this transaction,” said Aaron Kuhl, Senior Vice President-Brokerage Services for Plaza Companies.

“333 W. Thomas is a great value with an irreplaceable location that will continue to serve its physician tenants well into the future.”

The Buyer had previously enjoyed a long-term relationship with Plaza Companies at Venture Court in Anthem. And Plaza was already enjoying a great deal of leasing success, having elevated 333 West Thomas from 50 percent occupancy to the current 94 percent occupancy over the past couple of years.

The 21,517-square-foot property’s tenants include Express Urgent Care Center, Central Phoenix Family Medicine and Phoenix Neurology and Sleep Center and Arizona Spine Center. The building, constructed in the 1960s, underwent several significant interior and exterior capital improvements over the years, the most recent in 2011.

The building is another solid building block in the Phoenix metropolitan area’s medical sector. Its new ownership represents stability in a medical sector that is in flux, with major health care regulation changes and with the increasing needs of the aging Baby Boomer population. Medical service providers are able to better serve patients by congregating their offices in one area, and in this case across from a major hospital.

Sharon Harper, President and CEO of Plaza Companies, said that the existing Plaza leasing team at 333 West Thomas led by Megan Sherwood and Perry Gabuzzi will be retained by the new owner. Additionally, the services of the property management team led Plaza’s Dyanna Bentley, and the construction services team led by Jon Stelzer and Susan Byram, also have been retained by the new owner.

health

Humana, Dignity Health Sign Agreement

Humana Inc., one of the nation’s leading health and well-being companies, has reached an agreement that provides its members access to Dignity Health facilities in Arizona.

The new network agreement, which takes effect May 1, 2014, includes Humana’s Medicare Advantage (including PPO, HMO and Private Fee for Service plans), employer groups and individual plan members.

“This agreement provides our Arizona members with access to Dignity Health’s network of respected facilities and health care providers,” said Victoria Coley, Arizona and Nevada Market Vice President for Humana’s Employer Group segment. “Through this partnership, we’ve been able to substantially increase health care options for our members who live in the East Valley and, soon, the West Valley.”

“Humana has a strong Medicare Advantage presence in Arizona. Expanding our network to include Dignity Health will offer our members a strong provider network and is key to our continued growth in the market,” said Brendan Baker, Arizona Market President for Humana’s Senior Products.

Humana members will have in-network access to St. Joseph’s Hospital and Medical Center, including Barrow’s Neurological Institute; Chandler Regional Medical Center; Mercy Gilbert Medical Center; and the soon-to-open St. Joseph’s Westgate Medical Center. Members will also have access to Dignity Health’s network of nearly 200 physicians and its care centers in Arizona, including two specialty hospitals, six surgery centers, four urgent care centers and 30 imaging centers.

“We have always been dedicated to high-quality patient care and to making the entire health system work better for patients and their families,” said Carolyn Pace, Vice President of Managed Care at Dignity Health in Arizona. “We are pleased to be able to respond to the health care needs of Humana members at our numerous care centers.”