For Immediate Release
The lender market remains receptive to preferred medical investment assets able to perform
SCOTTSDALE, Ariz. – July 1, 2025 – Cushman & Wakefield announced the firm has advised a local investment firm in securing $37.09 million of financing for the acquisition of Scottsdale Centre, a 163,311-square-foot medical outpatient building in Scottsdale, Arizona.
Located at 7373 N Scottsdale Blvd along the iconic Scottsdale Road Corridor, the property is well positioned near three major hospital campuses in northeastern Metro Phoenix. At the close of sale, Scottsdale Centre was 78% leased, of which 66% was medical and 34% was office tenancy—the tenancy consists of a diverse mix of synergistic medical specialties including oncology, cardiology, ophthalmology and primary care.
Cushman & Wakefield’s Tyler Morss, Director with the firm’s Equity, Debt & Structured Finance (EDSF) and member of the firm’s Healthcare Capital Markets Team, arranged the financing for the buyer. The lender was Arizona based Foothills Bank, a division of Glacier Bank, which is owned by Glacier Bancorp, Inc. (GBCI).
In a recent announcement, Cushman & Wakefield disclosed the property sold for $44.58 million. The acquisition represented the upleg of the buyer’s 1031 Exchange.
The seller of Scottsdale Centre was MIG Real Estate (“MIG”), a privately held real estate investment and development firm headquartered in Newport Beach, California. Travis Ives, Gino Lollio and Tyler Morss of Cushman & Wakefield’s U.S. Healthcare Capital Markets Team also represented the seller in the transaction.
Cushman & Wakefield’s Sheila Bale, Erika Eckblad, Tom Weinhold, Tim Whittemore, and Patrick Schrimsher provided local market leasing advisory on the sale and were retained by the buyer to continue handling leasing for Scottsdale Centre.
“Taking advantage of Scottsdale’s market fundamentals and the robust demand for healthcare space along Scottsdale Road, the buyer is further expanding its portfolio with the acquisition of a premier healthcare asset. The credit markets continue to be aggressive and liquid for medical office assets, with lenders showing strong support for the buyer’s business plan, leading to a competitive process among regional banks and a successful outcome. With the Scottsdale Centre nearing the final stages of its office-to-medical conversion, the buyer is well-positioned to capitalize on the current and future growth of the Scottsdale medical office market,” said Tyler Morss.
Originally constructed in 1984 and recently upgraded and converted from office to primary medical post-pandemic, Scottsdale Centre is a two-story building situated on ±8.70 acres. The building features an ample 4.4/1000 parking ratio, with 254 surface parking spaces and 466 subterranean parking spaces, for a total of 720 parking spaces. Anchor tenants include Palo Verde Cancer Specialists, Prosano Health and various other healthcare providers.
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 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. 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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