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11/25/15
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MedProperties, out of Northbrook, IL, purchased Thunderbird Wellness Centre, a Class A, 56.4k sf medical and wellness complex in Peoria, AZ. The institutional-quality property was sold by Vancouver, BC-based Second City Real Estate.
MedProperties is located at 6750-6790 W. Thunderbird Rd, west of I-17 and north of Thunderbird Rd. It was 88% occupied at time of sale.
Thunderbird Wellness Centre consists of four single-story buildings and two fully-improved vacant parcels within nine-acre site. The vacant parcels can provide an additional 34k sf of medical or retail space.
Built in 2006 and 2007, the buildings have a modern, tech-savvy design, the exterior accented with stone veneer, exposed beams and metallic elements. Improvements include an ambulatory surgery center, two multi-tenant medical buildings and a multi-tenant wellness-oriented building.
Mindy Korth, Bob Broyles and Kirk Kuller of Colliers International were involved in brokering the transaction.
“This property offered the buyer a medical office property with a solid tenant mix, and growing cash flow,” said Korth, adding “With strengthening market conditions, MedProperties has a good upside through leasing the remaining space along with the future development on the vacant pads.”
Located within an affluent Northwest Valley neighborhood, Thunderbird Wellness Centre is near three major hospitals: Banner Thunderbird, Arrowhead Hospital and Banner Boswell.
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