PHOENIX, Ariz. – The Phoenix Kidder Mathews healthcare team negotiated a deal that brought life back to a vacant space and closed another deal in which a medical back office was converted to a dental office at Biltmore Medical Mall, 2222 E. Highland Ave., in Phoenix.
Kidder Mathews Vice President Rachael Thompson and Senior Vice President Michael Dupuy helped secure the leases for a total consideration of $1.95 million and 7,863 SF.
The team negotiated a 7-year medical office lease worth $1.013 million for 4,811-square-feet and a 10-year dental office lease worth $930,575 for 3,052-square-feet.
“We are thrilled to have these two new tenants at Biltmore Medical Mall,” Thompson said. “The demand in this market has dramatically increased over the past 12 months and we hope to see the building close to 100 percent by the end of the year.”
The landlord is Welltower of Toledo, Ohio.
Thompson represented the landlord and Fletcher Perry, also of Kidder Mathews, represented the tenant, Dr. Patrick W. Hogan, Arizona Spine & Pain Specialists, in the medical office lease. This is the tenant’s sixth location in Arizona. The space was a former research space that sat vacant for 7 years.
Thompson also represented the landlord in the conversion of back office space to the dental office of A. William Choules, DDS, of Choules Family Dentistry & Orthodontics. Rich Andrus of Menlo Group represented the tenant.
Two medical office suites remain at Biltmore Medical Mall, both on the second floor. One totals 2,319-square-feet of clinical space and the other totals 5,691-square-feet of open space.
Current tenants include Arizona Oncology, Biltmore Surgical Center, Foothills Sports Medicine, TOCA, SMIL, and Eye Surgery Center at the Biltmore.
“This building is specifically in high demand with its immediate access to SR-51, good payer mix, excellent demographics, and two surgery centers on the first floor,” Thompson said. “Physicians who live near the Biltmore or Paradise Valley areas can have a practice in a well-appointed Class A medical building with little driving.”
The location offers easy, 10-minute access to Banner University Medical Center, Phoenix Children’s Hospital, and Abrazo Heart Hospital without having to have a practice in that market.