The Dasco Cos. LLC, a limited liability company based in Palm Beach Gardens, is the new owner of the McDowell Mountain Medical Plaza, an 85,191-sf structure at 93rd Street and Bell Road. The sale price equates to more than $158 per sf.

The growth in north Scottsdale has generated more interest in the property, Bob Young, a broker in the Phoenix office of CB Richard Ellis, tells GlobeSt.com. The medical office building is just east of Loop 101.

"North Scottsdale is an attractive place to build new homes and the freeway access makes the accessibility to the property very attractive," Young says. "Phoenix is as good as any place to invest in medical. It depends on the location and the quality of the tenant." Most medical office buildings are held long term by investors, often hospitals, and those that are in private hands bring a sale this large, Young says.

For Dasco Cos., this is their first purchase in the Valley. The company had been involved with the development of Biltmore Medical Building at 22nd Street and Highland in Phoenix about two years ago. Dasco was bought out of that project before it was finished.

The McDowell Medical Plaza is about a year old and is 75% occupied. Nashville-based HealthSouth, which owns and operates surgery centers throughout the country, is one of the larger tenants and has a sizable surgery center in the building. The building also houses outpatient care centers and medical offices. Medical office space in north Scottsdale ranges from $26 to $30 per sf.

Phoenix-based Byxbee Development had developed the project. Young and CB Richard Ellis brokers Glenn Smigiel, Steven Brabant and Rick Abraham have negotiated the deal for the buyer and seller, Scottsdale Medical Plaza LLC, a Phoenix-based limited liability company.

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Medical Building's $13.5-Mil Sale Sets Year's Record

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