PHOENIX, AZ – Colliers International in Greater Phoenix used its brokers’ connections to bring about the completion of the $6.25 million ($178 PSF) sale of the Technology Center at Talavi, a Class A multi-tenant and medical office building in Glendale.

Phoenix Heart Realty LLC of Glendale purchased the property, located at 5859 West Talavi Boulevard, from Credit Union West of Glendale.

“Tyler Smith’s in-depth knowledge of the office and medical office building market in the West Valley as a vice president at Colliers helped to bring the buyer,” said Marcus Muirhead, an associate vice president at Colliers.

Smith represented Phoenix Heart Realty along with the Colliers Muirhead-Guglielmino-Gonzalez Investment Team, led by Muirhead, Greg Guglielmino, senior associate, and Steve Gonzalez, senior vice president. The listing agent was Brian Ackerman, senior vice president, with Jones Lang LaSalle in Phoenix.

“Phoenix Heart was a tenant and occupies the majority of the building,” said Muirhead, adding, “From a strategic and long-term-growth plan it makes perfect sense for Phoenix Heart to own the building, rather than rent.”

Built in 2000, the Technology Center at Talavi is comprised of 35,904-square-feet on approximately 4.07 acres. The property is 100 percent leased by Blue Chip tenants such as Phoenix Heart, Wallick and Volk and the John C. Lincoln Health Network. Limited rollover is expected for the next several years.

The property is situated at the Bell Road main entrance of the Talavi Business Park, which has a total of 67-acres of Class A office properties. The development is positioned halfway between the Loop 101 and I-17.

Colliers International’s Muirhead-Guglielmino-Gonzalez Investment Team specializes in representing clients in the acquisition and disposition of general office and medical properties in the Phoenix Market. The focus is to help clients expand, not just complete transactions. The team provides advisory and consulting investment services.

For more information contact the Colliers Muirhead-Guglielmino-Gonzalez Investment Team at 602-222-5000.

PHOENIX, AZ – Colliers International in Greater Phoenix recently completed the sale of Civic Center Place in Fremont, Calif., for $39.25 million or $354.63 per square foot.

Healthcare Realty Trust of Nashville, Tenn. purchased the property, located at 39141 Civic Center Drive, from Berkeley Land Company, a real estate firm in Danville, Calif.

The transaction was brokered by the Colliers Muirhead-Guglielmino-Gonzalez Investment Team, led by Marcus Muirhead, associate vice president, Greg Guglielmino, senior associate, and Steve Gonzalez, senior vice president.

Built in 1999, Civic Center Place is a four-story, 110,679-square-foot medical office building situated on 3.93 acres in Fremont, on the east side of San Francisco Bay. The property was 98 percent leased at the time of sale. The tenant mix is largely healthcare-related organizations, along with other local and nationally recognized companies.

Civic Center Place is adjacent to the Washington Township Hospital Campus and Kaiser Permanente Fremont Medical Center. The building resides along the future “Gateway” to the city’s downtown district. This setting offers multiple routes to surrounding areas and airports.

The buyer, Healthcare Realty, is a publicly-traded REIT that focuses on owning, managing, acquiring and developing outpatient medical facilities throughout the nation.

“As a result of a comprehensive global marketing campaign, the Colliers team generated significant interest from local, national and international investors,” said Muirhead, adding, “We are pleased that Healthcare Realty Trust was selected as the buyer due in part to their strong desire to enter the East Bay market and their unparalleled reputation in the medical office arena.”

Colliers International’s Muirhead-Guglielmino-Gonzalez Investment Team specializes in representing clients in the acquisition and disposition of general office and medical properties. The focus is to help clients expand, not just complete transactions. The team provides advisory and consulting investment services.

For more information contact the Colliers Muirhead-Guglielmino-Gonzalez Investment Team at 602.222.5000.

Deal points to tenant confidence, office market recovery

PHOENIX, AZ– In a deal that points to rising corporate confidence, the Phoenix office of JLL has completed a $6.25 million Class A office building sale that brings Phoenix Heart – the anchor tenant at 5859 Talavi in Glendale,  AZ – from project tenant to project owner.

JLL Senior Vice President Brian Ackerman represented the property seller, Credit Union West, in the transaction. Marcus Muirhead of Colliers International represented Phoenix Heart.

Recognized as a leading Valley cardiology group, Phoenix Heart PLLC currently occupies 50 percent of the 35,904-square-foot building at 5859 W. Talavi Blvd., within the Talavi Business Park in Glendale, Arizona. The building’s remaining space is fully occupied by quality tenants including Credit Union West, John C. Lincoln and Wallick & Volk.

“This deal points to a new level of confidence and solid market recovery,” said Ackerman. “Five years ago, recession fundamentals and uncertainties would have blocked this type of sale, but today the outlook is optimistic. Tenants are more confident, and considering opportunities to buy their buildings and secure the benefits of a market upswing.”

The 5859 Talavi building is located near the southeast corner of Bell Road and 59^th Avenue in Glendale, Ariz., with an immediate area that is inundated with retail amenities that attract tenants to work in Talavi Business Park. It is adjacent to the Talavi Town Center retail project and surrounded by neighbors such as the Thunderbird School of International Business, ASU West and Midwestern University.