For Immediate Release
Multi-tenant medical office building adds to trend of growing investor activity
PHOENIX, Ariz. – August 28, 2024 – Cushman & Wakefield announced the firm has advised the sale of a multi-tenant, two-story 77,386-square-foot building in Phoenix, Arizona. Located at 690 N Cofco Center Court, the medical office building commonly known as Gateway Medical Center was approximately 35% leased at the time of sale with a substantial amount of vacant space in gray shell condition. The property was acquired for $7.2 million by Helix Properties, a fully integrated medical office commercial real estate company based in Phoenix.
Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital Markets in Phoenix represented the seller, an entity managed by a subsidiary of LNR Partners.
“Gateway Medical Center is a high-quality medical office building located in central Phoenix’s Gateway submarket concentrated along 44th Street between the Loop 202 freeway and Sky Harbor International Airport. At just 35% occupied, the acquisition promises a substantial amount of upside potential to the new owner Helix Properties—a highly active and accomplished value-add investor,” said Vice Chair Eric Wichterman.
Built in 2002 and situated on approximately 4.80 acres, the property features attractive modern architecture, a newly renovated two-story lobby with a staircase and elevator service, covered canopy parking, and an attractive parking ratio exceeding 4/1000. The location is renowned for its position at the center of metro Phoenix with immediate access to two freeways, Sky Harbor International Airport and the Metro light rail.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.
Media Contact:
Joshua Deale
Cushman & Wakefield
Communications Manager, West Region
+1 415 677 0423
joshua.deale@cushwake.com
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