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Newmark today announces the purchase of Foothills Health Center by Woodside Health. The 53,310-square-foot two-building medical office property, located on an 8.35-acre lot at 4510 and 4530 East Ray Road, was sold by United Insurance Company of America. Newmark’s Managing Directors Kathleen Morgan, CCIM and Trisha Talbot, CCIM of the Newmark Phoenix office represented the buyer in the transaction, an affiliate of Woodside Health.
The Foothills Health Center purchase is the second medical office building purchase for Woodside Health in the Phoenix Market,” noted Morgan. Morgan, and team partner Talbot, were named the AZRE Sales Broker of the Year for 2016. “Located in the exclusive Ahwatukee community nestled at the foothills of South Mountain with immediate access to Interstate 10 and Loop 202, Foothills Health Center offers an ideal mix of medical tenants that thrive in Ahwatukee and cater to its residents. It is also supported by an abundance of quality retail development as well as a substantial general office market.”
“Foothills Health Center is an ideal institutional grade medical office asset, at 88% occupancy with a high caliber of medical service tenants,” commented Ted Barr, Woodside Health Principal. “This asset complements our portfolio well and will benefit from our hands-on approach to asset ownership. We will enjoy getting to know our tenants to assist them as physicians and healthcare providers navigating the many changes in healthcare and striving to better serve the community.”
Foothills Health Center is Woodside Health’s 23rd acquisition, and the second in the Phoenix market. Last year the company purchased the Arrowhead Creekside Medical Office Building in Glendale with the assistance of the Talbot/Morgan team. The Cleveland-based medical office building acquisition and management firm also has medical and health related properties in Florida, Michigan, North Carolina, Ohio, and Texas.
About Woodside Health
Cleveland based Woodside Health is a medical office building acquisition and management firm. Unique to the industry, Woodside Health treats their tenants like customers. They proactively enhance the exterior and interior spaces of their buildings, and look to establish long-term relationships with their tenants. The firm’s principals have decades of experience investing in and managing real estate. For more information, visit www.WoodsideHealth.com.
About Newmark
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’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; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark 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.