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Montecito acquires 35K-square-foot building in northwest Phoenix'

 

Montecito Medical Real Estate has acquired a 35,420-square-foot, Class A, single-story medical building in the densely populated, master-planned retirement community of Sun City, Ariz.

 

Strategically located on the main corridor near four award-winning regional hospitals, the building is part of a 12-acre plaza originally built as a retail center in 1974, and completely renovated in 2012.

 

Awarded Best of NAICP Medical Office Building of the Year, the facility is part of Thunderbird Square Shopping Center, a high-end mixed-use medical and retail complex.

 

The medical building is 100 percent leased to specialty practices including neurology, urology, dermatology, opthalmology, internal medicine, digestive health, and an ambulatory surgery center for endoscopy. The endoscopy center comprises 22 percent of the building’s space and serves as the surgical hub for all 27 locations of Arizona Digestive Health throughout Phoenix.

 

“We are excited about acquiring one of the premier, well-established medical facilities in Phoenix’ northwest valley, and expanding our holdings in Arizona,” said Chip Conk, CEO of Montecito Medical. “We loved the strong medical market dynamics, and the building’s exceptional tenancy enhances our growing portfolio.”

 

Sun City, founded in 1960 by the Del Webb Development Company (DEVCO), was the nation’s first master-planned retirement community for active adults, and today has more than 37,500 residents.

 

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