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United Insurance Company of America sold Foothills Health Center, a two-building, 53K SF medical office property in the Ahwatukee submarket of Phoenix, for $12.1M to Crescendo Development.
On more than eight acres at 4510 and 4530 East Ray Road, the single-story buildings are 45K SF and 8K SF, respectively, and are 93% occupied. The larger building, leased by a number of healthcare tenants, was developed in 1994 and refurbished in 2000. The smaller building was developed in 2002 as a build-to-suit for its current tenant, Triple R Childcare.
“We were able to take advantage of a strong investment market while simultaneously reducing our overall real estate exposure as a firm," United Insurance Company of America Real Estate Division Portfolio Manager Daniel Gaichas said.
Avison Young’s Nicholas Pelusio and Kevin Helland, in the company’s Phoenix office, represented the seller. The buyer was represented by Newmark Knight Frank.
Pelusio said the property is at a high-barrier-to-entry location.
“The buyer saw the intrinsic value in this property and plans to hold it long term,” he said.
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