We believe this project represents the best value and opportunity for medical tenants looking to locate in the Paradise Valley submarket.
Phoenix, AZ (PRWEB) March 18, 2010
Ensemble Healthcare Properties (an affiliate of locally based Ensemble DevMan of Arizona) in a joint venture with Universal Health Realty Income Trust has announced the acquisition of the 81,000 SF North Valley Medical Plaza located on the campus of Paradise Valley Hospital in Phoenix, Arizona. The three-story building, built in 1992, was the first medical office building located on the Paradise Valley Hospital campus and has historically enjoyed excellent occupancy. Currently the property offers some excellent space opportunities for tenants of various sizes.
Ensemble DevMan of Arizona will manage and lease the property. Randy McGrane, Managing Director for Ensemble, commented, "We believe this project represents the best value and opportunity for medical tenants looking to locate in the Paradise Valley submarket. North Valley has timeless architecture, excellent public space and is the only building on campus with underground, secured parking and direct access to the hospital via a covered walkway. We are very confident that the building's occupancy will grow and stabilize under our watch and as the overall market conditions improve. We are excited to add this asset to our portfolio."
Ensemble owns and operates a portfolio of medical office buildings totaling nearly 3 million square feet in 5 states. Included in that portfolio locally is Desert Valley Medical Plaza directly across the street from Paradise Valley Hospital. Judy Klein, Associate Partner and Asset Manager for Ensemble's Arizona portfolio added, "having these two properties [Desert Valley and North Valley] in the same market will allow us to cross market to tenants who want either a one-story garden-style project, or an on-campus low-rise project.
"The building has suffered from some neglect, so we will begin immediately on a series of improvements. North Valley's bones are excellent!" Ensemble states that plans to invest approximately $500,000 to address building issues and aesthetics are in the works. In addition they are investigating making this a showcase for a solar conversion.
For leasing information contact Tracy Altemus, Associate Partner Brokerage Services, at 602-277-8558.
Ensemble DevMan of Arizona is a full-service healthcare real estate company providing asset management, development, property management, leasing and sales services. The firm employs over 100 people and is headquartered in Phoenix, Arizona. Ensemble DevMan's nearly 3 million square foot service portfolio includes over 100 properties located in Arizona, Nevada, California, Washington and Texas. For more information, please visit our website.