Irgens Sells Shea Medical Plaza for $11.6 Million
Ohio Investor Expands Portfolio with Medical Office Building
PHOENIX, ARIZONA — Irgens Partners, LLC has completed the $11.65 million ($275 PSF) sale of Shea Medical Plaza at 7425 E. Shea Blvd. in Scottsdale.
The 42,439-square-foot medical office building was built in 1999. Shea Medical Plaza is 100% leased and anchored by Scottsdale Children’s Group, NextCare and AZ Perio. The medical office property is situated in the heart of Scottsdale, close to the Honor Health campus at 90th Street and Shea Boulevard.
“Irgens acquired this property in 2012 from a Bankruptcy liquidation. The building was suffering from physical and leasing neglect so we implemented a full capital improvement and leasing plan. Our improvements enhanced the physical structures and with the incredible leasing efforts of Mike Dupuy, Fletcher Perry and Racheal Thompson the project progressed from 45% to 100% occupancy,” says Jason Meszaros, senior vice president and managing regional director for Irgens .
Woodside Health purchased the medical office building from Irgens. The deal was brokered by Dan Postal and Brian Ackerman with Jones Lang LaSalle. Knight Management will continue as property manager for Woodside.