HonorHealth Anchored Medical Complex Trades for $10.6M

Located at the gateway entrance into Anthem, at the intersection of Anthem Way and Gavilan Peak Parkway, Anthem Medical Plaza closed for $10,600,000 ($212.65/SF). The multi-tenant medical complex is anchored by HonorHealth, a merger of two of Arizona’s leading healthcare providers. Built in 2003 and 2004, the complex was 91% occupied at close of escrow.

The Seller in the transaction was WCCP Anthem Medical, LLC and PEA Enterprises, LLC, William Metzler and Scott Douglass, Managing Members. CHP Anthem Medical, LLC, an entity formed by Centum Health Properties, headquartered in Centennial, CO, purchased the medical complex.

 

Braxton Glass, Senior Vice President of ORION Investment Real Estate, facilitated the off-market sale. “Anthem Medical Plaza is an excellent healthcare real estate asset that enjoyed high historical occupancy for years prior to the recession,” Glass noted. He continued, “West Coast Capital Partners accurately assessed the pent up demand for space at the project that still remained in the submarket at the time of their purchase of the project from a CMBS special servicer in 2015.  This acquisition was an excellent strategic addition to Centum Health Properties’ rapidly expanding portfolio in the healthcare real estate space, having now closed on several hundred thousand square feet since entering this market in 2015.”

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