For Immediate Release
Cleveland’s Woodside Health acquires Il Palazzo at Arrowhead Ranch
PHOENIX, Ariz., – February 15, 2022 – Cushman & Wakefield has advised the sale of Il Palazzo at Arrowhead Ranch, a 44,680-square-foot mixed-use medical office and retail property spanning five buildings in Glendale, Arizona, a suburb of Phoenix.
Consisting of one- and two-story buildings at the northwest corner of Union Hills Drive and 59th Ave, the mixed-use property was 96% leased. Approximately one-third of its occupancy comprises retail and restaurant tenants, including a national bank branch, and the remaining two-thirds is made up of medical, wellness and professional office tenants.
Cleveland, OH-based medical office investor Woodside Health acquired the asset for $12.5 million.
Alexandra Loye, Steve Lindley, Eric Wichterman, and Mike Coover with Cushman & Wakefield’s Capital Markets & Private Capital teams in Phoenix negotiated the sale.
“Il Palazzo at Arrowhead Ranch is very well located at a key intersection in Arrowhead Ranch, considered one of the most sought-after master-planned communities in metro Phoenix, and is also close to hospitals and major employment. With a strong tenant mix including many healthcare tenants, it presented a very attractive acquisition opportunity for Woodside Health,” said Alexandra Loye, Executive Managing Director.
The property is conveniently located less than a mile from Loop 101, and approximately one mile from Abrazo Arrowhead Campus hospital.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Media Contact:
Joshua Deale
Cushman & Wakefield
Communications Manager, West Region
+1 415 677 0423
joshua.deale@cushwake.com
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