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Scottsdale Centre Medical Office Building Sells for $44.6 Million
Scottsdale Centre, a 163,000-square-foot medical outpatient building located in Scottsdale, Arizona, has been acquired by a commercial real estate investment firm for $44.6 million. The acquisition was completed as part of a 1031 exchange.
The property was sold by MIG, which originally purchased the building in 2011 for $20.8 million. Following the COVID-19 pandemic, MIG repositioned the facility by upgrading and converting it from general office space into a primary medical use facility.
Strategically situated near three major hospital campuses in the northeastern Phoenix metro area, Scottsdale Centre was 78% leased at the time of sale. Of the leased space, 66% was occupied by medical tenants and 34% by office users. Notable tenants include Palo Verde Cancer Specialists, Prosano Health, and a range of other healthcare providers.
The transaction was facilitated by Cushman & Wakefield’s U.S. Healthcare Capital Markets Team, with Travis Ives, Gino Lollio, and Tyler Morss representing the seller. Following the purchase, the buyer retained Cushman & Wakefield’s Sheila Bale, Erika Eckblad, Tom Weinhold, Tim Whittemore, and Patrick Schrimsher to continue leasing efforts for the property.
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