Ohio-based Woodside Health/Crescendo Commercial made its first Phoenix market purchase with a Glendale medical complex, Arrowhead Creekside, according to Newmark Grubb Knight Frank (NGKF), one of the brokers of the deal.
The eleven building, 69,930-square-foot portfolio of single-story properties, at 7200 W. Bell Rd., was sold by IX CW 7200 West Bell Road, L.P. for $10,936,000, or $156.38 per square foot.
Representing the buyer in the transaction, the recent deal was handled by Managing Directors Kathleen Morgan, CCIM and Trisha Talbot, CCIM of the NGKF Phoenix office and members of NGKF’s Global Healthcare Services (GHS) team, along with GHS brokers, Executive Managing Directors Todd Perman, CCIM and Garth Hogan and Managing Director Dana Hamric.
IX CW 7200 West Bell Road, L.P. was represented by Cushman & Wakefield’s Eric Wichterman, Mike Coover and Ray Harris.
“With its prime location and diverse tenant mix, Arrowhead Creekside Medical Office Building is an ideal first acquisition and entry into the Phoenix market for Woodside Health,” remarked Morgan. “Their ability to work well with medical tenants and improve acquired real estate is key to being successful in the Phoenix medical market.”
Built between 1998-2006, Arrowhead Creekside is home to twenty tenants, most of which are in the medical, health and human services field.
“We believe real estate in the Arrowhead area is a great investment,” said Ted Barr, Woodside Health principal. “We have evaluated properties in Phoenix for quite some time and acquiring Arrowhead Creekside was worth the wait.”
Arrowhead Medical is the 18th acquisition for Woodside Health. The Cleveland-based medical office building acquisition and management firm has medical and health related properties in Florida, Michigan, North Carolina, Ohio and Texas. Woodside Health is under contract to acquire additional properties.