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8/24/17
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Crescendo Development paid $12.1 mil for Foothills Health Center, a two-building, 53.3k sf ($227/sf) medical office property within the Ahwatukee submarket of Phoenix. Situated on over eight acres at 4510 and 4530 E. Ray Rd, the property consists of two single-story buildings of 45.1k sf and 8.2k sf in size.
The property was 93% occupied at the time of sale. The larger building, developed in 1994 and refurbished in 2000, is occupied by several healthcare tenants. The smaller building was developed in 2002 as a build-to-suit for its current tenant, Triple R Childcare.
Avison Young’s Nicholas Pelusio and Kevin Helland represented the seller, United Insurance Company of America, which had owned the asset for the past 15 years. The buyer was repped by Newmark Knight Frank.
Foothills Health Center is situated at the foothills of South Mountain within the Ahwatukee submarket, which comprises many upscale residences and some of the best public schools in the Phoenix market. The center also enjoys proximity to Interstate 10 and Loop 202, which provide quick access to the booming southeast markets of Gilbert, Chandler and Tempe. Hospitals in the region include Tempe St. Luke’s, Chandler Regional and Banner Desert.
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