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8/29/24
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Helix Properties purchased Gateway Medical Center, a 77.4k sf, multi-tenant medical office building in Phoenix, for $7.2 mil, or $93/sf. The two-story structure, located at 690 N Cofco Center Court, was approximately 35% leased at the time of sale with a substantial amount of vacant space in gray shell condition.
Built in 2002 and situated on approximately 4.80 acres, the property features attractive modern architecture, a newly renovated two-story lobby with a staircase and elevator service, covered canopy parking, and an attractive parking ratio exceeding 4/1000. The location is renowned for its position at the center of metro Phoenix with immediate access to two freeways, Sky Harbor International Airport and the Metro light rail.
Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller, an entity managed by a subsidiary of LNR Partners. Helix Properties, a fully integrated medical office commercial real estate company based in Phoenix.
“Gateway Medical Center is a high-quality medical office building located in central Phoenix’s Gateway submarket concentrated along 44th Street between the Loop 202 freeway and Sky Harbor International Airport. At just 35% occupied, the acquisition promises a substantial amount of upside potential to the new owner Helix Properties—a highly active and accomplished value-add investor,” commented Wichterman.
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