Thriving multi-tenant building in Paradise Valley a highly desirable location and asset
PHOENIX, Ariz. – Cushman & Wakefield announced today the firm has brokered the investment sale of a two-story 17,918-square-foot office and medical building in Phoenix, Arizona. Known as 4600 Medical Plaza. The garden-style property is located at 4600 E Shea Blvd. in the prestigious Paradise Valley trade area. Seidner Trust acquired the asset for $3.8 million from Jumping Cholla III, LLC.
Eric Wichterman and Mike Coover of Cushman & Wakefield’s Private Capital Group in Phoenix represented the seller in the transaction.
“The medical market in this location continues to face strong demand but a low supply of available space, which made this thriving facility an appealing investment opportunity with promising upside potential in rental rate growth,” said Eric Wichterman, Executive Managing Director.
Mike Coover, Managing Director, added “The property has been strategically repositioned into a highly desirable medical option for tenants seeking modern functionality, curb appeal and strong demographics to drive their practices.”
Originally built in the early 1980s, the seller recently made notable capital improvements to the property including exterior paint, parking lot, landscaping and modern interior tenant improvements. The property also features outdoor stairwell access and interior elevators.
4600 Medical Plaza provides immediate access to State Route 51 and is also located near the intersection of Tatum and Shea boulevards, one of the most recognizable intersections in the Metro Phoenix area. There is also an abundance of retail and entertainment amenities in the vicinity.