PEORIA, AZ—The class-A, 56,413-square-foot Thunderbird Wellness Centre has recently sold for an undisclosed amount. The institutional-quality medical and wellness complex was 88% occupied at the time of the sale. MedProperties of Northbrook, IL purchased the center, located at 6750-6790 W. Thunderbird Rd., from Canadian based-Second City Real Estate.
Thunderbird Wellness Centre consists of four single-story buildings and two fully improved vacant parcels within a 9.01 acre site. The vacant parcels can provide an additional 34,066 square feet of medical or retail space.
Built in 2006 and 2007, the buildings have a modern, tech design, exterior accented with stone veneer, exposed beams and metallic elements. Improvements include an ambulatory surgery center, two multi-tenant medical buildings and a multi-tenant wellness-oriented building.
Mindy Korth, executive vice president, Bob Broyles, senior vice president, and Kirk Kuller, vice president, all with Colliers International, exclusively represented the sale.
Korth tells GlobeSt.com: "The buyer sees this as a great fit for their business model. The 88% occupancy gives them some room to improve the cash flow and the vacant land gave them development potential."
Located within an affluent Northwest Valley neighborhood, Thunderbird Wellness Centre is near three major hospitals: Banner Thunderbird, Arrowhead Hospital and Banner Boswell.
"This property offered the buyer a medical office property with a solid tenant mix and growing cash flow," said Korth. "With strengthening market conditions, MedProperties has a good upside through leasing the remaining space along with the future development on the vacant pads."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
