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6/17/22
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A 24.8k sf, multi-tenant medical office building in Phoenix traded hands in a recent deal worth $9.05 mil ($365/sf). The freshly renovated, two-story building, known as Missouri Professional Plaza, is 100% leased to a highly stable tenant roster.
Originally built in 1975 and designed by renowned modernist architect Al Beadle, the Missouri Professional Plaza is located at 1277 E Missouri Ave and provides extensive frontage and visibility along one of the trade area’s most esteemed streets. The location offers access to many exciting retail and shopping amenities and restaurants that surround the project in all directions—including 7th Street’s ‘Restaurant Row’ located just one-half mile away.
The buyer was 1277 Investment Alliance LLC, a Washington company. Eric Wichterman, Mike Coover, and Alexandra Loye with Cushman & Wakefield represented the seller, Helix Properties, in the deal.
“This was a high-quality investment opportunity of a stable and fully renovated medical office building in the upscale and amenity-rich Biltmore-Camelback Corridor, one of metro Phoenix’s most prestigious areas,” said Wichterman. “The seller had recently invested nearly $1 mil in completing a series of interior/exterior renovations and tenant improvements during 2020/2021.”
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