Cleveland Investor Buys Multi-Tenant Property with Major Healthcare Co. as Key Tenant

Cushman & Wakefield announced the firm has brokered the sale of Optum Center, a five-story 81,907-square-foot Class A multi-tenant office and medical building in Phoenix, Arizona. Located at 20414 North 27th Ave, the property also includes a five-and-a-half level parking garage on site. The building was 94% leased at sale, with UnitedHealthcare being a main tenant of the property.

Cleveland, OH-based Woodside Health Development acquired the asset for $20 million from Talia Jevan Properties, Inc. of Vancouver, BC. Cushman & Wakefield’s Eric Wichterman, Mike Coover, Alexandra Loye and Steve Lindley represented the seller in the transaction.

“Optum Center is the highest quality office and medical property in Deer Valley and is located at the intersection of two major freeways,” said Eric Wichterman, Vice Chairman. “The Deer Valley trade area contains one of the most significant and prosperous employment centers and commercial markets in Arizona and it is poised to grow significantly more with the addition of the new Taiwan Semiconductor Manufacturing Plant to the north. Office and medical office space within the immediate trade area enjoys single-digit vacancy rates.”

Built in 2008, Optum Center is a high caliber property with an elegant two-story lobby and institutional quality architecture featuring an extensive glass curtain wall, ribbon windows and EFIS exterior. The property is strategically located at the intersection of Interstate 17 and the Loop 101 and positioned amidst an abundance of upscale retail amenities within a one-mile radius, many within walkable distance.

Speak Your Mind

In Business Dailies

Sign up for a complimentary year of In Business Dailies with a bonus Digital Subscription of In Business Magazine delivered to your inbox each month!

  • Get the day’s Top Stories
  • Relevant In-depth Articles
  • Daily Offers
  • Coming Events