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12/18/18
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San Diego-based MedImpact Healthcare Systems Inc purchased Ocotillo Business Center, a 102.7k sf, industrial/flex property in Tempe, AZ, for $12.6 mil ($123/sf).
Ocotillo Business Center is a three-building complex located at 7910, 7970 and 8060 S. Kyrene Rd, along the west side of Kyrene Rd and just south of Elliot Rd. The three buildings are each 18.2k sf, 37.7k sf and 46.7k sf in size.
MedImpact already owns the building immediately south at 8150 S Kyrene Rd, which serves as their Southwest Regional Operations Center. MedImpact plans to expand into 8060 S. Kyrene Rd, and will continue to lease out the other two buildings. MedImpact is also planning to use the area between 8150 and 8060 S. Kyrene Rd to develop a multi-level parking garage with more than 400 parking spaces.
Bob Buckley, Tracy Cartledge, and Steve Lindley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. Jackie Orcutt, John Grady and Jonathan Teeter of CBRE represented the buyer, an independent pharmacy benefit manager.
“MedImpact was a natural buyer for the three buildings, which provides them the flexibility to control their long-term real estate needs,” said Buckley.
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