Medical Office Fund Snaps Up Sun City Property Repositioned To MOB
Montecito Medical, a national medical office investment fund based in Nashville, acquired the 35K SF Thunderbird Square Medical I at 13640 North 99th Ave. in Sun City for an unspecified price. The property is fully occupied by a mix of institutional-grade physician practice groups, including neurology, urology, dermatology, ophthalmology, internal medicine, digestive health and an endoscopy ambulatory surgery center.
The seller was an entity formed by Colin Brown, principal of Whiteboard Development, which purchased the property in 2011. Originally built in 1974 by Del Webb as a retail center, the seller repositioned the property in 2012, including the conversion of a large portion of the center to medical offices, developed in two phases.
The partners continue to own Thunderbird Square Medical II and the 40K SF Thunderbird Square Retail. Mindy Korth and Kirk Kuller of Colliers International in Greater Phoenix facilitated the deal.