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7/22/21
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Seidner Trust acquired a two-story, 17.9k sf office and medical building in Phoenix for $3.8 mil ($212/sf). The garden-style property, known as 4600 Medical Plaza, is located at 4600 E Shea Blvd in the prestigious Paradise Valley trade area.
4600 Medical Plaza provides immediate access to State Route 51 and is also located near the intersection of Tatum and Shea boulevards, one of the most recognizable intersections in the Metro Phoenix area. There is also an abundance of retail and entertainment amenities in the vicinity.
Originally built in the early 1980s, the seller, Jumping Cholla III LLC, recently made notable capital improvements to the property including exterior paint, parking lot, landscaping and modern interior tenant improvements. The property also features outdoor stairwell access and interior elevators.
Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital Group in Phoenix represented the seller in the transaction.
“The medical market in this location continues to face strong demand but a low supply of available space, which made this thriving facility an appealing investment opportunity with promising upside potential in rental rate growth,” said Wichterman.
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