Phoenix, Ariz. – Cushman & Wakefield announced that San Diego-based MedImpact Healthcare Systems Inc., an independent pharmacy benefit manager, purchased Ocotillo Business Center. Los Angeles-based B.H. Properties, LLC sold the property, located at 7910, 7970 and 8060 S. Kyrene Road in Tempe, Ariz., for $12.6 million.
Bob Buckley, Tracy Cartledge, and Steve Lindley of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller. Jackie Orcutt, John Grady and Jonathan Teeter of CBRE represented the buyer.
Ocotillo Business Center is a 102,667-square-foot (sf) three-building industrial flex property located along the west side of Kyrene Road and just south of Elliot Road. The three buildings are each 18,197 sf, 37,729 sf and 46,741 sf.
MedImpact owns the building immediately south at 8150 S Kyrene Road, which serves as their Southwest Regional Operations Center. MedImpact plans to expand into 8060 S. Kyrene Road, and will continue to lease out the other two buildings. MedImpact is also planning to use the area between 8150 and 8060 S. Kyrene Road to develop a multi-level parking garage with more than 400 parking spaces.
“MedImpact was a natural buyer for the three buildings, which provides them the flexibility to control their long-term real estate needs,” said Buckley.