Healthcare REIT Snags 110,000-SF Office Complex

GLENDALE, AZ-Claiming its first Arizona property, Triple Net Healthcare/Office REIT Inc., a fund with Triple Net Realty Advisors Inc., has bought the 110,000-sf Thunderbird Medical Plaza. According to an SEC filing, the buyer has paid $25 million for the three-building complex, financing it with a $10-million loan from Wachovia Bank and funds from its recent IPO.

Daniel Prosky, Triple Net Healthcare/Office’s vice president of acquisitions, says the seller was a group of investors that had owned the 78%-leased complex about 2.5 years. Its adviser is West Coast Capital Partners LLC of Los Angeles.

Prosky says the sellers had upgraded and leased the buildings at 5310, 5410 and 5422 W. Thunderbird Rd. so it doesn’t require much in the way of renovation “We set aside money for tenant improvements at the 5310 building, which is where most of the vacancy is,” he tells GlobeSt.com, adding the tenant-improvement allowance is about $40 per sf.