Signs of life: medical office leasing gains momentum
Plaza Companies’ Brokerage Services Team secured six significant new leases as part of increasing momentum in the medical office real estate sector.
The six leases exceed 39,000 square feet, ranging from 3,000 square feet to 12,131 square feet and boasting a total value of more than $4 million.
Sharon Harper, president and CEO of Plaza Companies, says the six transactions were representative of an uptick in the medical office marketplace in the Valley.
“We are seeing a great deal of activity at the moment in the medical office sector as the economy continues to improve and the healthcare needs of our population expands,” Harper explains. “We believe this sector will continue to be extremely active throughout the rest of 2016 and into 2017 as more medical practices and hospital groups adjust to the dynamics in the healthcare market.”
The transactions include (from largest to smallest in size):
- Tempe St. Lukes Hospital signed a lease to expand by 12,131 square feet in multiple suites within Tempe St. Luke’s Medical Office Building. Megan Reeves and Perry Gabuzzi with Plaza Companies handled the transaction.
- Roadmaster Group expanded and renewed its lease at Arrowhead Executive Center in Glendale for total square footage of 9,556 square feet. Perry Gabuzzi, Senior Vice President Brokerage Services, and Bill Cook, Vice President Brokerage Services with Plaza Companies handled this transaction.
- HonorHealth/Desert Mission, Inc. signed a lease at Lincoln Medical Plaza I in Phoenix for a 4,832 square foot space. Megan Reeves, Executive Vice President Brokerage Services for Plaza Companies, represented the ownership in the transaction.
- True Care MD signed a lease for a 4,800 square foot space in Plaza Town Center Professional Plaza in Peoria. Margaret Lloyd, Senior Vice President Brokerage Services and Bill Cook, Vice President Brokerage Services for Plaza Companies, represented the ownership in the transaction.
- Clinical Associates in Internal Medicine signed a lease for their 4,475 square foot space at 19th Avenue Medical Center in Phoenix. Perry Gabuzzi, Senior Vice President Brokerage Services for Plaza Companies, represented the tenant in the transaction.
- ESMJ, LLC signed a lease for approximately 3,000 square feet at Pima Medical Pavilion in Scottsdale. Megan Reeves, Executive Vice President Broker Services for Plaza Companies represented ownership and Mari Lederman with CBRE represented the tenant.
Plaza Companies’ leasing portfolio includes medical office properties in almost every community in the Valley. The company was also recently recognized as one of Arizona’s Most Admired Companies for 2016.