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5/05/26
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Metro Medical Plaza, an eight-building, 58k sf medical office complex in Phoenix, traded for $10.4 mil, or $179/sf. The property is located at 3201 W. Peoria Ave, just west of I-17. It is ideally positioned within walking distance of The Metropolitan—an approximately $850 mil mixed-use residential and retail redevelopment of the former 80-acre regional mall site
Metro Medical Plaza was 90% leased at the time of sale. The property features a diverse mix of medical users, including dentistry, family medicine, orthopedics, therapy, and imaging providers. It has also undergone extensive renovations and tenant improvements.
Cushman & Wakefield’s Eric Wichterman and Chris Toci represented the seller, Helix Properties, a fully integrated, industry-leading commercial real estate company based in Phoenix, in the transaction.
“This project is expected to drive a significant influx of dense, higher-end residential growth and upgraded amenities in close proximity to Metro Medical Plaza,” commented Wichterman. “Moreover, Metro Medical Plaza is the only medical office complex serving the immediate three-mile radius surrounding the former Metro Center Mall. Together, these attributes create a powerful catalyst for exponential rent growth.”
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