Northwest Valley’s Only Off-Campus Ambulatory Surgery Center Offers Strategic Investment
Phoenix, Arizona – Desert Mirage Medical Plaza at 12361 W. Bola Dr. in Surprise has been sold to Boomerang Capital Partners, LLC of Mesa. The medical plaza, which includes Northwest Valley’s only off-campus ambulatory surgery center is a strategic investment within the fastest growing community in Arizona.
“The property offered outstanding cost savings to the investor who purchased it at a dramatic discount to reproduction cost,” says Mindy Korth, executive vice president with Colliers International in Arizona. “This very well designed, ideally-located medical office property is situated within an Opportunity Zone and promises the investor tremendous upside and opportunities.”
Boomerang Capital Partners purchased the property from Desert Mirage Medical Plaza, LLC of Surprise. The seller originally developed the property in 2006 and has continuously occupied it since. Korth and Sean Westfall handled the sale transaction.
“We are excited for this acquisition and the opportunities that we believe Desert Mirage Medical Plaza will bring and continue to be to the medical community in the northwest valley,” says Allen Marsh, Managing Director with Boomerang Capital Partners. “It was a pleasure working with Mindy Korth, Sean Westfall, and the rest of the Colliers team in not only completing the acquisition, but also in bringing the opportunity to our attention so that we could make it a part of our investment portfolio.”
Desert Mirage Medical Plaza is a three-building ambulatory surgery center and medical complex. Conveniently situated on 3.64 acres, the complex contains 37,424 square feet of interior space. The property was 33 percent leased at the time of sale. Vacant space at the property includes a fully-equipped, move-in ready ambulatory surgery center (ASC) that contains four operating rooms along with a separate move-in ready clinic building of 16,000 square feet. Julie Johnson and Alexandra Loye also with Colliers International will handle the leasing on behalf of the new owner.
Located just south of Bell Road in Surprise, the property is ideally situated between Sun City and Sun City West. It is within five miles of two acute-care hospitals, Banner Del E Webb and Banner Boswell.
“Rising construction costs have affected new development of specialty medical facilities in the metropolitan area,” says Korth. “This has allowed vacancy to be absorbed and occupancies to stabilize. With no new medical office developments underway in the Northwest Valley, the buyer is well positioned to quickly return this facility to its historical full occupancy.”
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.