"The price points and the synergy of the medical plaza all helped," Bryan Johnson, a medical and dental brokerage specialist with Trammell Crow Co.'s Phoenix office, tells GlobeSt.com. "The plaza is one of the few of that size that's located directly across from a surgical center."
Located at 3201 W. Peoria Ave., the 58,000-sf, class A building is 84% leased, boasting a roster of all medical-affiliated tenants. The single-story building was constructed in the mid-1980s in a garden office style. The owner recently added $300,000 in improvements, including an exterior paint job, new HVAC, and retooled doctors' lounge.
The inbound tenant will pay $17.48 per sf in the first year; $18.50 in the second year; $19.20 in the third year; and $20 per sf in the final year of the lease, according to Johnson, who represented Ernest LaBlanc and Metro Medical Plaza LLC of San Diego. John Dennis of Cuellar Realty Services of Phoenix represented Valley Foot Care, which will move in later this month.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.