The shift began last year when Mountain View Family Physicians relocated to the 15-acre CamelSquare, making the surrounding space more appealing to other medical users. "Their TIs are so much higher due to all the plumbing and medical regulations. They will pay a higher rent, but we're putting more money in the space," Gwen Musfeldt, an associate with Cushman & Wakefield of Arizona Inc. in Phoenix, tells GlobeSt.com. Built in 1983, the 292,000-sf CamelSquare at 4350 E. Camelback Rd. is now 84% leased.
The property recently lured a second large medical tenant--Family Practice Specialists of Phoenix--with a 130-month lease worth $1.5 million for 6,233 sf. Family Practice will relocate from 4319 N. 32nd St. in November. Dev Gupta of Equis Corp. represented the tenant.
Arrow Surgical, an outpatient surgical firm, took over 3,204 sf with a direct 10-year lease, valued at $400,000. The firm expanded with the relocation from 2735 E. Camelback Rd.
Desert Valley Radiology closed a 126-month lease worth $540,000 for 2,715 sf. The deal represents a new location for the growing Phoenix-based radiological firm.
Cambridge Chiropractic signed a 65-year deal worth $195,000 for 2,000 sf. Cambridge, a Phoenix-based firm, also relocated from 2735 E. Camelback Rd. so it could expand. Mark Cosmas and Don Rodie, both with C&W, brokered terms for Desert Valley Radiology and Cambridge Chiropractic.
The C&W team of Musfeldt, Jerry Jacobs and Larry Downey hold the CamelSquare assignment for the locally based owner.
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