Colorado, Arizona Medical Office Building Portfolio Trades For $56 Million
Centum Health Properties has sold a 180,000-square-foot medical office building portfolio encompassing three properties in Greater Phoenix, and another asset in the Denver market.
Wentworth Healthcare Properties, the health-care arm of Wentworth Property Co., purchased the four properties for a combined $56 million. CBRE represented the seller in the transaction.
The largest property in the portfolio is the 79,624-square-foot Princess Medical Center at 8573-8575 E. Princess Drive in Scottsdale, Ariz. The two-story Class A facility built in 2003 traded for $25.1 million, Maricopa County records show.
Wentworth paid $15.5 million for Anthem Medical Plaza in Anthem, Ariz., a property totaling 49,847 square feet. The 1997-built low-rise is situated at 3618-3654 W. Anthem Way. Rounding out the Greater Phoenix properties is the 39,168-square-foot Sun Lakes Medical Center in Sun Lakes, Ariz. The Class B facility at 10440 E. Riggs Road changed ownership for nearly $8.7 million, according to public documents.
Based on Jefferson County records, Centum Health Properties received approximately $6.8 million for Wadsworth Medical Office Building in Littleton, Colo. Encompassing 20,350 square feet, the 2005-built property sits on more than 3 acres at 5920 S. Estes St.
Aggressive Expansion
“Wentworth Healthcare Properties intends to continue to invest significantly in core-plus and value-add medical office facilities as well as development projects across Western U.S,” Jason Meszaros, Managing Director of Wentworth Healthcare Properties, said in prepared remarks.
Most recently, the company announced plans to develop Goodyear Medical, a 57,000-square-foot project in Goodyear, Ariz.
The four value-add properties in Arizona and Colorado were roughly 80 percent leased at the time of the sale, with vacancies at the three Greater Phoenix facilities. Capital One provided acquisition financing for the four-property transaction.
The new owner appointed Kidder Mathews to market Princess Medical Center, and chose JLL to lease Sun Lakes Medical Center and Anthem Medical Plaza.
Source: Commercial Property Executive
