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June 22, 2024
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Phoenix Medical Office Building Sells for $244/sf


Cleveland, OH-based Woodside Health Development acquired Optum Center, a five-story, 81.9k sf ($244/sf) Class A multi-tenant office and medical building in Phoenix, for $20 mil. It was sold by Talia Jevan Properties, Inc. of Vancouver BC.

The property, located at 20414 North 27th Ave, also includes a five-and-a-half level parking garage on site. The building was 94% leased at sale, with UnitedHealthcare one of the main tenants at the property.

Built in 2008, Optum Center is a high caliber property with an elegant two-story lobby and institutional quality architecture featuring an extensive glass curtain wall, ribbon windows and EFIS exterior. The property is strategically located at the intersection of Interstate 17 and the Loop 101 and positioned amidst an abundance of upscale retail amenities within a one-mile radius, many within walkable distance.

Cushman & Wakefield’s Eric Wichterman, Mike Coover, Alexandra Loye and Steve Lindley represented the seller in the transaction.

“Optum Center is the highest quality office and medical property in Deer Valley and is located at the intersection of two major freeways,” said Wichterman. “The Deer Valley trade area contains one of the most significant and prosperous employment centers and commercial markets in Arizona and it is poised to grow significantly more with the addition of the new Taiwan Semiconductor Manufacturing Plant to the north. Office and medical office space within the immediate trade area enjoys single-digit vacancy rates.”

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