“Best of NAIOP” Medical Office Building Sells to Montecito Medical of Tennessee
Phoenix, Arizona — Thunderbird Square Medical I, a fully-leased medical office building at 13640 N. 99th Ave. in Sun City, has been sold to Montecito Medical of Tennessee. Awarded the Best of NAIOP Medical Office Building of the Year in 2012, this national medical office investment fund was attracted to the property’s quality, location and outstanding mix of institutional-grade physician practice groups.
“This is strategically located at the gateway to Sun City and 100% occupied by a perfect mix of medical specialists who serve this community,” says Mindy Korth, executive vice president of Colliers International in Greater Phoenix. “The seven clinic spaces are equipped with the latest technology in the healthcare field. Thunderbird Square provides one of the finest facilities in the area, situated between four award-winning regional hospitals.”
Montecito Medical of Nashville, TN purchased the property from AIP TB Plaza I LLC, an Arizona limited liability company. Korth and Kirk Kuller of Colliers International in Greater Phoenix negotiated the transaction.
The seller is a joint venture formed by Colin Brown, Principal of Whiteboard Development Company, which purchased the property in 2011. Originally built in 1974 by Del Webb as a retail center, the seller extensively repositioned the property in 2012, including the conversion of a large portion of the center to medical offices that were developed in two phases. After this sale, the partners continue to own, debt-free, Thunderbird Square Medical II and Thunderbird Square Retail, comprised of 40,000-square-feet of income producing space.
This single-story Phase I building contains 35,419-square-feet of Class A medical offices. Physician specialties include neurology, urology, dermatology, ophthalmology, internal medicine, digestive health and an ambulatory surgery center of endoscopy. As one of the area’s most successful medical office properties, Thunderbird Square’s tenants serve more than 375,000 nearby community residents.