Plaza Companies and USAA Real Estate Company have sold a signature medical office building, Paradise Valley Medical Plaza, in Phoenix to American Realty Capital Healthcare Trust in a $28.3 million transaction.
Paradise Valley Medical Plaza, an award-winning, 104,000 square foot class-A medical office building, was purchased by American Realty Capital Healthcare Trust in a deal that closed on Dec. 30. Plaza will continue to provide leasing, construction services and property management for the building, which more than 90 percent occupied at the present time.
The building, which is located on the Abrazo Paradise Valley Hospital Campus, has received Energy Star Certification from the U.S. Environmental Protection Agency and was named Best of NAIOP Spec Office Development of the Year in 2009.
The property was sold by RP Paradise Valley, LLC, a joint venture between Plaza Companies and USAA Real Estate Company to ARHC PVPHXAZ01, LLC, which is a subsidiary of American Realty Capital Healthcare Trust.
“Paradise Valley Medical Plaza is one of our flagship developments and a true point of pride in our portfolio and the USAA portfolio,” said Sharon Harper, President & CEO of Plaza Companies. “We are very proud of this exceptional property and are excited to be able to partner with American Realty Capital moving forward to ensure excellent service to the property owner and tenants well into the future. This is a strong and forward-thinking ownership group that will continue the tradition of quality at Paradise Valley Medical Plaza.”
Plaza Companies and American Realty Capital Healthcare Trust currently work together on Arrowhead Professional Center in Glendale, a facility owned by American Realty Capital Healthcare Trust and managed by Plaza.
“This is an outstanding, high-quality medical office facility and is an ideal fit for our portfolio in the greater Phoenix area,” said Benjamin Hatz, Vice President-Acquisitions with American Realty Capital Healthcare Trust. “Our commitment moving forward is to continue the same commitment to quality and excellence at this facility while working with Plaza Companies to ensure superior service to current and future tenants.”