- Arrowhead Orchards Project to bring 22,700 Sq. Ft. of New Product to Market -
Phoenix – July 20, 2016 – The Arrowhead Orchards medical office development is slated to see the first MOB spec project in the Valley since the recession. The property owner, Arrowhead Health Center, LLC, an entity affiliated with Legend Real Estate Management, Inc., will be developing more than 22,000 square feet of new product in the coming months.
Los Angeles-based Legend is a privately held real estate investment and management firm with a diverse commercial real estate portfolio in California, Arizona and Nevada. Other medical office properties in Arizona include Estrella Health Center in Phoenix, Baywood Health Center in Mesa and Casa Grande Professional Center in Casa Grande.
CBRE’s Katie McIntyre and Vince Femiano will be responsible for the marketing and leasing of the new building.
McIntyre and Femiano expect the project to be met with much interest from healthcare users in the market. They note current trends in healthcare as major drivers of the need for new development.
“There are a number of factors influencing current medical real estate trends,” said Femiano. “We’re currently seeing a significant lack of quality blocks of contiguous space over 5,000 square feet and as healthcare groups consolidate, the demand for functional larger blocks of space is increasing.”
Additionally, the building’s adjacency to the Abrazo Arrowhead Campus and unique leasing options will be a major plus for future users.
“The property is adjacent to the hospital with no ground lease restrictions; physicians and physician groups will not have to have privileges at the hospital to lease space at the new building,” said McIntyre. “What’s more, there is the opportunity for an ambulatory surgery center.”
The CBRE brokers point out that the Abrazo Arrowhead Campus is strong, well respected and growing. They also say that due to partnerships expanding under the Accountable Care Network, they expect to see a number of new users to the market.
Arrowhead Orchards is located at 6320 W. Union Hills Drive in Glendale, Ariz., directly across from the Abrazo Arrowhead Campus, a 217-licensed bed hospital. The property is also within five miles of Banner Thunderbird Medical Center, a 561-licensed bed hospital. Presently, the development consists of approximately 103,216 square feet of class A medical office space, comprised of the two, two-story buildings. Current tenants in the complex include a complimentary mix of healthcare providers, including HonorHealth, TOCA, US Oncology, Center for Venous Disease, Pain Stop, Sonora Quest Lab, Arizona Center for Urology, and SimonMed Imaging, among others.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
