Washington investor buys multi-tenant property in prestigious Biltmore/Camelback Corridor
PHOENIX, Ariz., – June 14, 2022 – Cushman & Wakefield announced the firm has brokered the sale of a freshly renovated, multi-tenant medical office building in Phoenix, Arizona. Known as Missouri Professional Plaza, the two-story building totaling 24,790 square feet is 100% leased to a highly stable tenant roster. 1277 Investment Alliance, LLC, a Washington company, acquired the asset from Helix Properties for $9.05 million.
Eric Wichterman, Mike Coover, and Alexandra Loye with Cushman & Wakefield’s Capital Markets & Private Capital teams in Phoenix represented the seller in the transaction.
“This was a high-quality investment opportunity of a stable and fully renovated medical office building in the upscale and amenity-rich Biltmore-Camelback Corridor, one of metro Phoenix’s most prestigious areas,” said Eric Wichterman, Executive Managing Director. “The seller had recently invested nearly $1 million in completing a series of interior/exterior renovations and tenant improvements during 2020/2021.”
Originally built in 1975 and designed by renowned modernist architect Al Beadle, the Missouri Professional Plaza is located at 1277 E Missouri Ave and provides extensive frontage and visibility along one of the trade area’s most esteemed streets. The location offers access to many exciting retail and shopping amenities and restaurants that surround the project in all directions—including 7th Street’s ‘Restaurant Row’ located just one-half mile away.
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