PHOENIX, AZ – ORION Investment Real Estate is proud to announce the sale of the Parkwood Professional Plaza for $3.2 million ($43.53 PSF). This ±73,514 square foot, four-story, medical office building is situated at the intersection of 19th Avenue and Missouri Avenue, next to the new park-and-ride lot for the Valley Metro Light Rail system. The property was 40% occupied at time of sale and the new owner plans to do capital improvements and release the property.
Parkwood Professional Plaza is located in the Heart of Phoenix, sitting adjacent to a large parking lot (park-and-ride) for the Metro Light Rail. There are 10 park-and-ride locations in the Phoenix area, offering more than 4,000 free parking spaces. Park-and-rides are free to use and monitored by personnel and security cameras. The Valley Metro is the regional public transportation organization providing coordinated transit options to residents of greater Phoenix. Part of the Valley Metro public transit system is the Valley Metro Rail, which is a 26.3-mile long line serving the cities of Phoenix, Tempe, and Mesa.
Nick Miner, CCIM, Senior Vice President at ORION Investment Real Estate, noted, "This was a challenging assignment. Not only did the property have a low occupancy rate, it was also part of a California Probate Court Case and the sale had to be approved by the courts, which further complicated the process."
The property was sold by Parkwood Commercial Properties, LLC, a client of Miner's, and purchased by Robert C. Penney.