ARC Healthcare Buys Paradise Valley Medical Plaza for $28M
- Jan 13, 2015
New York City-based American Realty Capital Healthcare Trust recently acquired the Paradise Valley Medical Plaza in Phoenix for $28.3 million. ARC Healthcare purchased the 104,000-square-foot medical office building from RP Paradise Valley L.L.C., a joint venture of Plaza Cos. and USAA Real Estate Co.
When the sale closed on Dec. 30, the building was more than 90 percent leased. Plaza Cos. will continue to provide leasing, construction services and management services for the property.
Located on the Abrazo Paradise Valley Hospital Campus at 3805 E. Bell Rd.,, the asset received Energy Start Certification from the U.S. Environmental Protection Agency and was the recipient of the Best of NAIOP Spec Office Development of the Year Award in 2009. The project’s architect was JRC Design, whose credits also include the Walter Cronkite School of Journalism and Mass Communication, the Desert Botanical Garden, and the Shops at Norterra.
“This is an outstanding, high-quality medical office facility and is an ideal fit for our portfolio in the greater Phoenix area,” said iBenjamin Hatz, ARC Healthcare’s vice president of acquisitions, in a statement. “Our commitment moving forward is to continue the same commitment to quality and excellence at this facility while working with Plaza Companies to ensure superior service to current and future tenants.”
Image Courtesy of Plaza Cos.