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MedProperties Bets on Phoenix MOB

MedProperties Bets on Phoenix MOB

Multifamily might still be getting the glory in Phoenix, but MedProperties Group CIO Jesse Ostrow tells us that medical office offers significant opportunity for leasing and development growth. Chicago-based MedProperties is acting on that idea, with the acquisition of the 56k SF Thunderbird Wellness Centre in Peoria, its second MOB in the market, following its purchase of the Mercy Medical Commons in Gilbert. The Peoria property is 88% leased and includes pad-ready parcels that can support 30k SF of additional medical or retail buildings. "We're looking forward to continuing to grow our portfolio in the market," Jesse says.