Uneoth.com

The News Source You've Been Waiting For

Real Estate

Big Sky Medical Enters Phoenix With $46M Acquisition

Big Sky Medical has entered the Phoenix market with the purchase of the 252,000-square-foot Blackhawk Medical Center. ViaWest Group sold the three-building medical and office campus for $46 million, according to Maricopa County records; Taconic Capital provided a $39.9 million acquisition loan. Cushman & Wakefield represented the seller.

Blackhawk Medical Center previously changed hands in 2018, when ViaWest purchased it from Cohen Asset Management for $33.8 million, CommercialEdge data shows. The deal involved a $32.1 million acquisition loan originated by Annaly Capital Management.

Completed between 1997 and 1998, the campus comprises Blackhawk Center I, a 138,450-square-foot, Class B office building, alongside Blackhawk Center II and III, which total 113,810 square feet and include medical office space. The campus has floorplates ranging from 29,400 to 84,410 square feet, on-site conference rooms, controlled access and a total of 1,414 car parking spaces.

Situated on 24 acres at 20401 N. 29th Ave. and 2902 W. Agua Fria Freeway, the campus is in the Deer Valley submarket, near the intersection of Arizona State Route 101 and Interstate 17, some 18 miles north of downtown Phoenix. Other medical centers in the surrounding area include Deer Valley Medical Tower, HonorHealth Outpatient Surgery and HonorHealth Sonoran Crossing Medical Center.

Cushman & Wakefield Executive Director Steve Lindley, Executive Managing Director Alexandra Loye, Vice Chairman Eric Wichterman and Managing Director Mike Coover brokered the sale on behalf of ViaWest.

The Phoenix market recorded $937 million in office transactions as of November, a recent CommercialEdge report shows, with properties selling at an average of $190 per square foot. A total of 52 medical office buildings, encompassing 1.1 million square feet, changed hands in the metro throughout the year.

Big Sky’s recent activity

Last month, Big Sky Medical received the approval from the Dallas City Council for the rezoning of the 145,000-square-foot Pyramids South Tower, which can now include medical tenants. The property is less than 10 miles from downtown Dallas.

The company also acquired Richardson Medical Center I, a 118,472-square-foot medical office building in Richardson, Texas. The property was converted from an office building into a health-care facility prior to the sale.

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *