Phoenix, Arizona – CBRE has completed the sale of a 6,162 square-foot medical office building located in the Brookside Office Park at 11851 North 51^st Avenue, Building B, in Glendale, Ariz. The property commanded a sale price of $2.195 million, or $356 per square foot.

The building is 100 percent leased to Neighborhood Outreach Access to Health (N.O.A.H.), a subsidiary of HonorHealth, on a long-term triple-net lease.

Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office represented the seller, SOD Brookside, LLC/WRM Brookside, LLC, an entity formed by West Coast Capital Partners (Bill Metzler & Scott Douglas, principals) of Scottsdale, Ariz. and Los Angeles, Calif.

“The combination of a long-term lease with N.O.A.H coupled and its location within the Brookside Office Park drove significant investor interest,” said Fosberg. “The attractive operating conditions in the medical office market have contributed to increased investor confidence in the sector compressing cap rates to historic lows throughout Metropolitan Phoenix.”

Thomas Spilsbury of TS Commercial represented the buyer, Pacific Coast Cycle Corporation of San Jose, Calif.

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from Feb. 4 thru 8, 2019.

INDUSTRIAL – 2301 S FRIEBUS AVE., TUCSON
Heating and Cooling Supply, LLC renewed their lease for a 28,500-square-foot industrial space located at 2301 S. Friebus Avenue with Friebus Investors, LLC. Jesse Blum of CBRE’s Tucson office represented the tenant and Brandon Rodgers of Picor | Cushman & Wakefield represented the landlord. [mepr-show rules=”58038″]Tenant contact: 520.323.8783[/mepr-show]

OFFICE – 1751 W ORANGE GROVE RD., TUCSON
Roberts Periodontal Group, P.C., has renewed their lease of 2,747 SF at 1751 W. Orange Grove Road, Suite 101, for a 7-year term, from The Goodner Investments Limited Partnership, LLP.  Lori A. Casey and Cameron L. Casey of Oxford Realty Advisors represented both the Tenant the Landlord in the transaction. [mepr-show rules=”58038″]Tenant contact: 520.742.4227[/mepr-show]

OFFICE – 899 N WILMOT RD., TUCSON
Institute for Liver Health, LLC, has expanded their square footage and extended their term of lease of 2,283 SF at 899 N. Wilmot Road, Suites E3, E4 & E5, from Holland Arizona Investments, LLC.  Lori A. Casey and Cameron L. Casey of Oxford Realty Advisors represented both the Tenant and the Landlord in the transaction. [mepr-show rules=”58038″]Asking lease rate: $17.50 SF/YR Full Service Gross; Tenant contact: 520.274.1224[/mepr-show]

RETAIL – 3999 E GRANT RD., TUCSON
Subway Real Estate Corp. leased a 1,350-square-foot end-cap at 3999 E. Grant Road in the Northgate Plaza Shopping Center at Alvernon Way.  Nancy McClure, CBRE represented the landlord, STROMIGA Partnership and ROLL-IT, LLC. Subway Real Estate Corp. was self-represented. [mepr-show rules=”58038″]Asking lease rate: $11.00 -$13.00 SF/YR NNN[/mepr-show]

OFFICE – 190 W MAGEE RD, TUCSON
Monika Szumilak, dba Freedom Therapy, leased the property located at 190 W. Magee Road, Suite 172, Tucson, Arizona, consisting of 794 square feet of office space, from WVLC, LLC. Michael Gross of Tucson Realty & Trust Co. represented the Landlord in the transaction. [mepr-show rules=”58038″]Asking lease rate: $18.50 SF/YR Modified Gross; Tenant Contact: 707.933.7815[/mepr-show]

OFICE – 2760 S 4^th AVE., TUCSON
ResCare HomeCare, Inc. has renewed their lease at Madera Business Park, located at 2760 S. 4^th Avenue, in South Tucson.  ResCare is the country’s largest provider of services to people with intellectual and developmental disabilities, the largest privately-held home care provider to seniors and largest provider of education, vocational training and job placement for people of all ages and skill levels.  Andy Seleznov and Melissa Lal of Larsen Baker represented the Landlord. Tenant Contact: 520.363.3869

OFFICE – BISBEE PLAZA, BISBEE
H&R Block has renewed their lease at Bisbee Plaza, located on the SE corner of Naco Hwy and AZ-92.  Andy Seleznov and Melissa of Larsen Baker represented the Landlord. [mepr-show rules=”58038″]Tenant Contact: 520.432.5325[/mepr-show]

OFFICE – 40 N SWAN RD., TUCSON
Larsen Baker is pleased to announce that Pima Medical Institute renewed their lease at 40 North Swan.  Pima Medical Institute (PMI) is a for-profit medical career college that trains students for careers as allied health care professionals.  Andy Seleznov and Melissa Lal represented the Landlord. [mepr-show rules=”58038″]Tenant Contact: 520.334.8585[/mepr-show]

Login for more information and send sales and leases to [email protected]

PHOENIX, Arizona – Cushman & Wakefield has announced that WellCare Health Plans, Inc. signed a 10-year, 81,306-square-foot lease at Two Gateway Center. The national health insurance tenant executed a long-term lease worth $23 million will occupy three floors at 432 N. 44th Street in Phoenix.

On behalf of WellCare Health Plans, Inc., the transaction was completed by Larry Downey and Brett Thompson of Cushman & Wakefield’s Phoenix office and Dave Johnson and Liz Osborne of Cushman & Wakefield’s Denver office. Jerry Roberts and Pat Boyle of Cushman & Wakefield’s Phoenix office represented the landlord, Lowe Enterprises Inc.

“This transaction is a testament to the Cushman & Wakefield platform. It was a team effort and we received great support from our local partners, which allowed this transaction to move quickly. The ability to service our client in Tampa Bay and to also expand was important,” said Johnson.

Two Gateway Center offers impressive amenities, proximity to the airport and the ability to expand the sister building. The property also features abundant surface and covered parking, a new fitness center with an energized outdoor amenity space, an on-site deli, a tenant conference room and a tenant lounge.

“The building’s central location with the availability of contiguous space for expansion and ample parking was of the utmost importance to the client,” said Downey.

This transaction represented a major expansion for the company in the Phoenix market, since WellCare Health Plans, Inc. acquired Care 1st Health Plan Arizona in early 2017.