Cushman & Wakefield Negotiates Sale of Medical Office Campus
PHOENIX, Arizona – Cushman & Wakefield announced that Woodside Health of Cleveland, Ohio purchased Arrowhead Professional Center, 18301 N. 79th Avenue in Glendale, Ariz., from YAM Properties of Scottsdale, Ariz. for $16.5 million ($233.54 PSF).
Steve Lindley, Bob Buckley, and Tracy Cartledge with Cushman & Wakefield Phoenix’s capital markets group, along with the healthcare team of Sheila Bale, Tom Weinhold and Ryan O’Connor, negotiated the transaction on behalf of the seller.
Arrowhead Professional Center is an eight-building, medical and professional office campus just south of Union Hills Drive in the Arrowhead submarket. The 70,652-square-foot property is 100% occupied and is anchored by a surgery center jointly owned by Banner Health, Arizona’s largest health system, and the CORE Institute, recognized since 2012 as the top orthopedic group in the state.
“The property’s Arrowhead location and strong intrinsic value, combined with excellent operation at full occupancy by YAM Properties, made the asset a great acquisition by Woodside Health,” said Steve Lindley.
Arrowhead Professional Center offers medical tenants five hospitals located within 15 minutes, providing convenient access to four of the largest hospital systems in Arizona. The amenity-rich location has millions of square feet of retail, including the 1.3-million-square-foot Arrowhead Towne Center super-regional mall.