CBRE announced today that the firm has completed the sale of the La Ronde Medical Centre, located at 14620 North Del Webb Boulevard in Sun City, Ariz. Chris Bodnar, Lee Asher, Shane Seitz, Ryan Lindsley and Sabrina Solomiany with CBRE U.S. Healthcare Capital Markets and Andrew Fosberg and Dylan Brown with CBRE Phoenix Retail Investment Properties were the seller’s exclusive advisors. The selling entity was Sun City Development Group, LLC, led by Colin Brown with Whiteboard Development Co. The buyer, a confidential entity, purchased the property in a sale that closed on January 29, 2019.
“The seller injected a significant amount of capital into this asset over the last couple of years and has successfully repositioned the property into a vibrant outpatient medical center,” said Chris Bodnar, Vice Chairman, CBRE. “Approximately sixty-percent of the property is anchored by two well established surgery centers which drove significant demand by both institutional and private capital investors focused on healthcare real estate.”
The single-story building was originally constructed in 1972 as a retail center and was completely renovated in 2015 and 2016 into a forward-thinking, integrated health and wellness campus. The property features large glass tenant entries, expansive 10-foot ceilings, building signage, and an intimate and collaborative patient/doctor environment. The 88,400-rentable-square-foot facility was awarded the “Medical Redevelopment of the Year” by the National Association of Industrial and Office Properties (NAIOP) in Phoenix in 2016.
“We are deeply committed to the Phoenix market and are proud to have served as a catalyst to revitalize Sun City’s commercial hub,” said Colin Brown, Principal, Whiteboard Development Co. “We are proud to execute on a vision where efficient design can foster physician practice growth and success. The buyer is specialized in the ownership of healthcare assets nationally and will be a great steward to the tenants and patients that receive care at La Ronde Medical Centre.”
Whiteboard Development Co. is a privately held, real estate investment and development company headquartered in Phoenix. The firm specializes in the development, acquisition and redevelopment of commercial real estate assets throughout the Southwest.