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Scottsdale MOB Snapped Up For $11.6M

Scottsdale MOB Snapped Up For $11.6M
Shea Medical Plaza

Irgens Partners has sold Shea Medical Plaza for more than $11.6M. The buyer was Ohio-based Woodside Health.

The property is leased by Scottsdale Children’s Group, NextCare and AZ Perio. It is close to the Honor Health campus at 90th Street and Shea Boulevard.

The deal was a value-add play for the locally based Irgens. The company acquired the property in 2012 out of bankruptcy.

“The building was suffering from physical and leasing neglect, so we implemented a full capital improvement and leasing plan," Irgens Senior Vice President and Managing Regional Director Jason Meszaros said.

The result: 45% occupancy five years ago, full occupancy now. 

The deal was brokered by JLL's Dan Postal and Brian Ackerman. Knight Management will continue as property manager for Woodside.

Hear more from Irgens at Bisnow's State of Phoenix Healthcare event on Sept. 27, at which Irgens Vice President, Development Jason Anzalone will be a speaker.