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February 29, 2024
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AZ Medical Office Trade Closes at $326/sf


In a recent AZ medical office buy, Evergreen Medical Properties paid $8.8 mil for Plaza Town Center Professional Plaza, a 27k sf ($326/sf) property located at 9139 W Thunderbird Road in Peoria. The property was sold by Garnett Capital.

Plaza Town Center Professional Plaza is a two-story, off-campus medical office building. The property was 100% leased at the time of sale, with a tenant mix offering an array of imaging, laboratory, neurosurgery, internal medicine and physical therapy services.

The building is situated near the intersection of W Thunderbird Road and N Plaza Del Rio Blvd, adjacent to the New River and proximate to several other outpatient medical offerings.

Kathleen Morgan with Newmark represented the seller in the deal.

According to Newmark’s Global Healthcare Services specialty practice group, Medical Office Building (MOB) transactions started off 2022 with 300 properties closed during the first quarter, totaling $3.5 bil in transaction volume—an 84% increase compared to the first quarter of 2021. Cap rates continue to compress, with the overall average up slightly to 6.1% compared to 5.9% in the fourth quarter of 2021. Pricing, however, remains competitive for MOBs. The average deal size for the properties closing in the first quarter was $11.7 mil with an average price per square foot of $345.

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