Phoenix-based Helix Properties LLC sold the two properties at 8322 E. Hartford Dr. and 8324 E. Hartford Dr. to Heritage Partners. (Photo courtesy of Cushman & Wakefield)
2 Scottsdale medical offices sell for $12.13M
A San Diego-based asset advisory firm purchased two North Scottsdale office buildings near Princess Drive and Hayden Road for $12.13 million, according to Cushman & Wakefield, the brokerage firm that worked on the deal.
Phoenix-based Helix Properties LLC sold the two properties at 8322 E. Hartford Dr. and 8324 E. Hartford Dr. to Heritage Partners. The buildings are Class A, two-story office buildings totaling 42,128 square feet and were 100 percent occupied by medical and healthcare related tenants at the time of the sale.
Cushman & Wakefield’s Executive Managing Director Eric Wichterman and Senior Director Mike Coover represented Phoenix based Helix Properties LLC as the seller of the properties.
During Helix’s ownership, Ryan Spiekerman worked to bring a new vision to re-purpose the assets as not just medical office, but as a cutting edge clinical facility accommodating functional flex care programs while providing appropriate spaces for affiliated, interdisciplinary physician groups.
This work changed the face of the traditional medical office building to accommodate the emerging treatment models of future medicine.
“As medicine changes, so do our tenant’s needs change,” said Ryan Spiekerman of Helix Properties. “We need to be prepared to be engaged with our tenants needs to ensure their continued growth and success.”
The office building at 8322 E. Hartford Dr. sold for $6.6 million—or ($313.33 per square foot)—and is leased to SH Operating LLC (dba Recovia), an upscale outpatient treatment center for prescription medication dependency, with eight and a half years remaining on the lease term.
The office building at 8324 E. Hartford Dr. is leased to Passport Health LLC, a travel medicine services provider, with four and a half years of remaining lease term and sold for $5,525,000 ($262.30 per square foot). The subject buildings are the only two-story structures within Sonoran Corporate Center and, therefore, are the most prominent buildings in the project.
The buildings are part of Sonoran Corporate Center, a six-building office complex located at the corner of Princess Drive and Hartford Drive. Sonoran Corporate Center is located within Perimeter Center, one the finest business parks in Metro Phoenix.
“Helix Properties accomplished a tremendous feat in identifying two rare, high-quality office buildings with unstable tenancy in a Class A North Scottsdale location; and shortly thereafter, refilling them with quality tenants. With this exceptional final product, we were able to achieve the highest pricing to occur in the submarket in 15 years, with respect to 8322 E. Hartford,” Wichterman said.