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11/14/23
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Paradise Valley Professional Campus, a nine-building, 56.3k sf medical office campus in Phoenix, traded hands. The property, located at 16620 North 40th St, features nine standalone one-story medical offices on 5.62 acres.
The buildings are connected by a shared courtyard and are surrounded by 255 parking spaces, including 68 covered spaces. The medical offices are south adjacent to Abrazo Health Scottsdale Hospital Campus.
Paradise Valley Professional Campus is 93% leased to a diverse mix of local, regional, and national medical office users, including SOH Dental, Arizona Kidney Disease & Hypertension Centers (AKDHC) and Action Behavior Centers. Located off State Route 51, the property allows tenants to conveniently provide medical services to much of the Phoenix metro's population.
Geoffrey Turbow, Gary Cornish, Matt Pourcho, Anthony DeLorenzo and Bryan Johnson of CBRE Investment Properties represented the seller, Cypress West Partners, in the transaction.
According to research analyzed by CBRE, medical office leasing continues to perform well across the Valley, evidenced by the 11% vacancy rate and 430k sf of net absorption over the past 12 months in metro Phoenix.
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