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CamelSquare Beefs Up Medical Roster

PHOENIX-Four tenants sign a combined 14,152 sf to take occupancy to 84% in a 292,000-sf office project slowly transitioning to a medical-oriented lineup. The largest new deal is Family Practice Specialists, which will get its keys in November.

By Lee Simmons | Updated on June 22, 2004

PHOENIX-Four medical practices have inked new office leases totaling more than 14,000 sf in CamelSquare. The transactions continue the property’s shift from general office to more of a medical destination.

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.

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