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June 15, 2024
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Woodside Health Spends $12.5 Mil on AZ Medical Mixed-Use Asset


Woodside Health acquired Il Palazzo at Arrowhead Ranch, a 44.7k sf, mixed-use medical office and retail property spanning five buildings in Glendale, AZ, in a $12.5 mil ($280/sf) transaction. Woodside is a Cleveland, OH-based medical office investor.

Consisting of one- and two-story buildings, Il Palazzo at Arrowhead Ranch is located at the northwest corner of Union Hills Drive and 59th Ave. The property is conveniently located less than a mile from Loop 101, and approximately one mile from Abrazo Arrowhead Campus hospital.

The mixed-use property was 96% leased at time of sale. Approximately one-third of its occupancy comprises retail and restaurant tenants, including a national bank branch, and the remaining two-thirds is made up of medical, wellness and professional office tenants.

Alexandra Loye, Steve Lindley, Eric Wichterman, and Mike Coover with Cushman & Wakefield’s Capital Markets & Private Capital teams in Phoenix negotiated the sale.

“Il Palazzo at Arrowhead Ranch is very well located at a key intersection in Arrowhead Ranch, considered one of the most sought-after master-planned communities in metro Phoenix, and is also close to hospitals and major employment. With a strong tenant mix including many healthcare tenants, it presented a very attractive acquisition opportunity for Woodside Health,” said Loye.

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