Tag Archives: medical office building

RJM Construction begins three medical office projects near Phoenix

RJM Construction has been selected for three medical office projects in the Phoenix area. The projects all began last month and represent a combined 16,937 SF In Peoria, RJM Construction is constructing new space for Adelante Healthcare; in Sun City, Arizona Arthritis and Rheumatology Associates’ new clinic is receiving an upgrade; and in Central Phoenix, RJM Construction is renovating space for AZPerio’s newest dental office location.

“Healthcare construction is a focus of ours, so we’re pleased to have so many new medical and dental projects starting this month,” said Sean Conry, project executive and healthcare construction specialist at RJM Construction.

Adelante Healthcare, a healthcare service provider for Maricopa County and surrounding communities, is renovating its new facility at 15525 N. 83rd Ave. in Peoria. The restored 11,147-sq.-ft. space will be used for medical and administrative offices. To be complete in August, the facility also will have the distinction of being LEED certified. In addition to RJM Construction and Adelante Healthcare, project partners include Cawley Architects and Dignity Health.

RJM Construction is upgrading new medical office space for Arizona Arthritis and Rheumatology Associates, a private specialty medical practice. The 2,400-sq.-ft. medical office, located at 10503 W. Thunderbird Blvd. in Sun City, is receiving minor floor plan revisions along with new paint and carpet. Owned by Healthcare Trust of America, the project will be complete this month.

AZPerio, a periodontal practice serving Maricopa County, is adding a new office location at 5300 N. Central, in Phoenix. RJM construction is renovating 3,390 sq. ft. on the first floor, including nine treatment rooms and a sterile lab. In addition to RJM Construction and AZPerio, project partners include Alliance Project Advisors. The project will be complete in July.

Amanda Houghton on "Seeking Alpha."

Amanda Houghton discusses HTA on ‘Seeking Alpha’

Healthcare Trust of America, Inc. (HTA) announced today that Executive Vice President of Asset Management, Amanda Houghton, was interviewed by Seeking Alpha in an article published today. Ms. Houghton discussed the company’s in-house property management and leasing platform that was started in 2010 which now operates and leases over 12.6 million square feet of medical office space. Ms. Houghton illustrated the direct impact that this platform has on HTA’s tenants, health system partners, and bottom line, demonstrated by its six consecutive quarters of same store growth of 3 percent or better.

Watch the video here.

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.

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ORION Closes Largest Medical Office Deal of 2012

 

ORION Investment Real Estate facilitated the largest single asset medical office transaction of 2012 in Metro Phoenix.

Archway Holdings Corp. bought Arrowhead Health Center in Glendale for $19.86M from VCC Healthcare Fund, LLC, an entity controlled by Ventas REIT, the largest healthcare real estate investment trust in America.

Arrowhead Health Center, formerly known as Arrowhead Orchards Medical Office Building, is comprised of two, state-of-the art medical buildings totaling 103,216 SF plus a number of fully improved pads. The institutional quality buildings, which have been heralded as among the most luxurious medical office buildings in Arizona, were built in 2002 and 2006.

The property is adjacent to the 217-bed Arrowhead Hospital in Glendale’s affluent Arrowhead Ranch submarket.

“Arrowhead Health Center is a unique asset – it is the only fee simple, Class A medical office building on the Arrowhead Hospital Campus,” said ORION Vice President Braxton Glass. “Due to the property’s current vacancy, this was a rare opportunity to purchase such a quality asset at a discount to replacement cost.”

The subject property is currently 65% leased and provides an opportunity to increase cash flow by leasing up the asset, taking advantage of its superior income demographics, location, design, strong tenant demand and tight supply.

This is the fourth such asset in Metro Phoenix that Archway has purchased in the past 10 months. Archway is currently in the process of repositioning approximately 400,000 SF of medical office space in Arizona.

“We view vacancy, in sub-markets with appropriate demographics, as an asset in this new healthcare paradigm where small healthcare practitioners are being replaced by large practice groups that will be the likely ones to continue to thrive, thereby creating a premium for large contiguous square footage” said Archway President Sean Moghavem.

Glass added: “Archway’s acquisition of Arrowhead Health Center positions them extremely well from a competitive basis at this hospital complimenting Archway’s existing holdings; this acquisition represents an excellent opportunity to add value through repositioning.”

Commercial real estate advisory firm Lucent Capital, which has arranged $40M of financing for various Arizona product in the past 14 days, arranged extremely low cost financing for Arrowhead Health Center, LLC, for the acquisition and repositioning.

 

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Cassidy Turley Completes Sale of 35,000 SF Office Building

Cassidy Turley BRE Commercial negotiated the sale of 8550 and 8600 E. Anderson Dr. in Scottsdale.

Mark Stratz, Ray Harris, Tyler Wilson and Scott Baumgarten with Cassidy Turley represented the seller, Silverleaf Perimeter Center, LLC, in the $3.7M transaction. The buyers were Phoenix based LGE Design Build and Anderson Commercial Real Estate.

The purchase included a ±35,000 SF, 2-story medical office building built in 2003 and completely renovated in 2012 at the 8600 address and a build-to-suit opportunity on two acres at the 8550 address for a potential ±72,000 SF, 4-story building. Both addresses have frontage on Loop 101.

Vice Presidents Mark Stratz, Ray Harris, Tyler Wilson and Senior Associate Scott Baumgarten are with Cassidy Turley BRE Commercial’s Office Group.

 

Adelante Mesa

Healthcare: Adelante Mesa

Adelante Mesa

Developer: World Properties

General Contractor: LGE Design Build

Architect: Cawley Architects

Broker: Aaron Kuhl

Location: Dobson and Main, Mesa

Size: 41,000 SF

The $6M medical office building will be located on the East Valley Institute of Technology campus and will be pursuing LEED certification. Expected completion is 3Q 2012.

AZRE Magazine July/August 2012