Scottsdale Centre, a 163,000-square-foot medical outpatient building in Scottsdale, was acquired by a commercial real estate investment firm for $44.6 million. The buyer purchased the property as part of a 1031 exchange. MIG was the seller. MIG paid $20.8 million for the Scottsdale Centre in 2011. After the pandemic, the building was upgraded and converted from office to primary medical.
The property is near three major hospital campuses in northeastern Metro Phoenix. At the close of sale, Scottsdale Centre was 78% leased, of which 66% was medical and 34% was office tenancy. Anchor tenants include Palo Verde Cancer Specialists, Prosano Health and various other healthcare providers.Â
Travis Ives, Gino Lollio and Tyler Morss of Cushman & Wakefield’s U.S. Healthcare Capital Markets Team represented MIG. The buyer has retained Cushman & Wakefield’s Sheila Bale, Erika Eckblad, Tom Weinhold, Tim Whittemore, and Patrick Schrimsher to continue handling leasing for Scottsdale Centre.Â
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