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Scottsdale’s Ancala Medical Plaza Sells for $185.82/SF

Phoenix, AZ (12/12/2017)

11:00 AM

Newmark Knight Frank announces the sale of Ancala Medical Plaza located at 11390 E. Via Linda in Scottsdale. The 15,068-square-foot, 100% occupied medical office building sold for $2,800,000 by AMP Scottsdale LLC. Local investor Paul C. Kruger purchased the well-located property, anchored by the U.S. Department of Veteran's Affairs Northeast Community Based Outpatient Clinic, for $185.82 per square foot. NKF's Trisha Talbot, CCIM, Kathleen Morgan, CCIM, and Erik Marsh represented the seller in the transaction.

"Strategically located, well-occupied medical office buildings with strong cash flow continue to attract investors," commented Trisha Talbot, NKF Managing Director of Global Healthcare. "The asset's anchor tenant, occupancy, as well as geography played a critical part in the achieved sale price."

Fully leased to a high-quality mix of health care providers and anchored by the Veteran's Affairs Clinic, Ancala Medical Plaza is in the North Scottsdale community's Scottsdale Cure Corridor. The healthcare and bio-life science industry corridor is home to an array of business assets in the bio-life sciences sector from education and research to clinical trials and patient care.

"I am very pleased with the outcome for Ancala Medical Plaza," stated Bill Milne, manager with AMP Scottsdale LLC. "The timing was right for the sale after NKF successfully leased the property. NKF represented ownership professionally and achieved the best outcome possible."

Ancala Medical Plaza was initially developed by Honor Health (formerly Scottsdale Healthcare) as a multi-disciplinary medical office building. As the hospital developed its on-campus medical office buildings, it moved medical groups out of Ancala Medical Plaza. Over the years, medical practices at Ancala Medical Plaza continued to serve the surrounding community with diverse medical services. The current largest tenant, the U.S. Department of Veteran's Affairs Northeast VA Community Based Outpatient Clinic is an example of a community-based practice. Other tenants include a variety of internal medicine, podiatry, and dental practices.

"Additionally, convenient access provided by Frank Lloyd Wright Boulevard and Via Linda Road, both major arterials to Loop 101, allows Ancala Medical Plaza to easily serve patients that use Scottsdale Healthcare Shea and Mayo Clinic hospitals," stated Talbot. "A variety of retailers surround the project, allowing patients to utilize the outpatient healthcare providers at Ancala Medical Plaza during typical daily activities. All of these elements combine to make Ancala Medical Plaza a strong investment."

About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF's 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.

With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. NKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services and capital markets services provided through its NKF Capital Markets brand. For further information, visit www.ngkf.com.

NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.