ANTHEM · 2020. 3. 17. · PROPERTY ADDRESS 3715 - 3719 W. Anthem Way, Anthem, Arizona ASKING PRICE...

A N T H E M C O R P O R A T E3715-3719 W ANTHEM WAY, ANTHEM, AZ

OFFERING MEMORANDUM | OWNER/USER INVESTMENT OPPORTUNITY

This Memorandum does not constitute a representation that the business or affairs of the Property or Seller since the date of preparation (3/12/2020) of this Memorandum have remained the same. Analysis and verification of the information contained in this Memorandum are solely the responsibility of the prospective purchaser.

Additional information and an opportunity to inspect the Property will be made available upon written request of interested and qualified prospective purchasers. Seller and Agent each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property, and/or terminate discussions with any party at any time with or without notice. Seller reserves the right to change the timing and procedures for the Offering process at any time in Seller’s sole discretion. Seller shall have no legal commitment or obligations to any party reviewing this Memorandum, or making an offer to purchase the Property, unless and until such offer is approved by Seller, and a written agreement for the purchase of the Property has been fully executed and delivered by Seller and the Purchaser thereunder.

This Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not forward, photocopy or duplicate it, that you will not disclose this Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Seller or Agent, and that you will not use this Memorandum or any of the contents in any fashion or manner detrimental to the interest of Seller or Agent.



KATHLEEN MORGAN, CCIM Healthcare Investment AdvisorManaging DirectorP (602) 952-3815 [email protected]

TRISHA TALBOT, CCIM Healthcare Investment AdvisorManaging DirectorP (602) 952-3880 [email protected]

YOUR TEAMMICHELLE RAE Healthcare Investment AdvisorAssociateP (602) 952-3816 [email protected]

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1 2PROPERTY DESCRIPTION

Property DescriptionFloor PlatesLocal Aerial

Surrounding Hospitals Map Largest Employers Map/List

3AREA & MARKET OVERVIEW

General Phoenix Overview Anthem General Overview

Anthem Office | Phoenix Office OverviewArizona Healthcare Real Estate

Market Analysis | Phoenix 4Q 2019

EXECUTIVE SUMMARY

Executive SummaryProperty Summary

Investment Highlights



4

1


EXECUTIVE SUMMARYExecutive SummaryProperty Summary

Investment Highlights

5

EXECUTIVE SUMMARYNewmark Knight Frank, as exclusive advisor, is pleased to present the unique opportunity to acquire Anthem Corporate, a premier two building office and medical office complex, totaling ±64,473 SF, located in the elite Phoenix suburb of Anthem.

The property’s strategic location provides prominent visibility from, and immediate access to the Interstate 17 and the major regional business center of North Scottsdale.

3719 W. ANTHEM WAY is a one-story and fully leased ±4,448 rentable square feet medical office building with two (2) long term tenants.

3715 W. ANTHEM WAY is a two-story, ±60,025 rentable square foot office building with three (3) tenants in ±15,431 rentable square foot.

The rest of the building is vacant and in shell condition. Both buildings were built in 2007.

Anthem Corporate presents an ideal opportunity for an owner/user to purchase a high quality asset for their company’s growth, access a high quality labor force, and cash flow from current tenants. At a purchase price of $8,060,000, which is $125.00 a square foot, this asset is well below replacement costs.

ANTHEM CORPORATE | 3715-3719 W ANTHEM WAY, ANTHEM, AZ

PROPERTY ADDRESS 3715 - 3719 W. Anthem Way, Anthem, Arizona

ASKING PRICE $8,060,000.00 / $125 PSF

BUILDING AREA ±64,473 Square Feet

CURRENT VACANCY

3719 W. ANTHEM WAY: Medical Office Building: 100% occupied, 1- story, ±4,448 rentable square feet medical office building with two (2) long term tenants.

3715 W. ANTHEM WAY: ±60,025 rentable square foot, 2 story office building that is 75% vacant, ideal for an owner/user.

YEAR BUILT/RENOVATED 2007

PARCEL NUMBER 203-03-542A

SITE AREA ±219,107 SF / 5.03 AC

ZONING Commercial Office

PARKING RATIO 4.4 / 1,000

PROPERTY SUMMARY

3715

3719

BELA ROSE BELA ROSE APARTMENT APARTMENT

HOMESHOMES

ANTHEMANTHEMCIVICCIVIC

BUILDING BUILDING

W Anthem WayW Anthem Way

N Venture Dr

N Venture Dr

- 17,276 VPD- 17,276 VPD

6ANTHEM CORPORATE | 3715-3719 W ANTHEM WAY, ANTHEM, AZ

OWNER/USER OPPORTUNITYAnthem Corporate provides an owner/user with up to ±44,594 rentable square feet of shell vacant space while also having cash flow of five (5) existing tenants.

WELL BELOW REPLACEMENT COSTAs land value and construction costs continue to soar in Anthem and the Greater Phoenix Metro, Anthem Corporate is an opportunity for an owner/user to acquire this asset significantly below replacement cost.

SUBMARKET TROPHYAnthem Corporate, at 12.6% of the competitive submarket inventory, represents a prominent location in an affluent suburb, drawing local talent and boosting workforce wellbeing.

LOCATION & VISIBILITYSuperior visibility from I-17, with average daily traffic volume of 63,820 vehicles per day.

SHOPPING & AMENITIES4-minute drive from the Outlets at Anthem, a Greater Phoenix shopping destination center containing about 40 national retailers, including Coach, Ralph Lauren, Michael Kors, Ann Taylor, Calvin Klein, and Banana Republic.

ANTHEM EARNINGS POPULATIONHigh earning population. Median income of $101,626, is 62% higher than that of Phoenix metro area, and the median net worth, at $321,722, is 175% higher.

7

INVESTMENT SUMMARY


PROPERTY DESCRIPTIONProperty Description

Floor PlatesLocal Aerial

Largest Employers Map/List2


PROPERTY DESCRIPTIONProperty Description

Floor PlatesLocal Aerial

Surrounding Hospitals MapLargest Employers Map/List

PROPERTY DESCRIPTION

9

PROPERTY INFORMATIONSQUARE FEET 63,473 RSF

YEAR BUILT 2007

TYPE OF CONSTRUCTIONTilt up concrete walls, concrete slab on grade, steel post and truss structure. 2nd floor wood decking with light weight concrete coating

LOAD FACTOR 13%

NAME OF ASSOCIATION Anthem Community Council

FIRE LIFE SAFETY & SECURITYSPRINKLER SYSTEM Sprinkler system throughout

FIRE PANEL LOCATION Main electric room (S.E.) Announcer in main lobby

FIRE RISER LOCATION N.E. & S.E. (Accessible from outside door)

STAND PIPE LOCATIONS N.E. & S.E. (Accessible from outside door)

SPARE SPRINKLER HEADS N.E. & S.E. (Accessible from outside door)

MONITORING PANEL Sprinkler system throughout

CONTROL PANEL Main electric room (S.E.) Announcer in main lobby

FIRE EXTINGUISHER LOCATIONS IN COMMON AREAS Maricopa County Sheriff Department

FIRE DEPARTMENT JURISDICTION

+ NON EMER NUMBERDaisy Mountain Fire Department

POLICE DEPT JURISDICTION + NON EMER NUMBER Maricopa County Sheriff Department

ACCESS SYSTEM Electro-magnetic access front door and motion sensing latches at side doors

HVAC SYSTEMTYPE OF SYSTEM Roof Top placed package units & spit systems

MANUFACTURER Trane

SIZE CAPACITY Ranging from 2-5tons

TYPE Six (6) split units, five (5) package units

EMS SYSTEM/EMS SERVICER N/A

ACCESS Through roof hatch 2nd floor janitors closet

BUILDING ACCESSBUILDING HOURS Monday - Friday: 8:00am-5:00pm

Saturday & Sunday Closed

ENTRANCE DOORS LOCKING & UNLOCKING

PROCEDURESAfter hours – Scan card/key accessBuilding & Suites – Key access

ELEVATORSSERVICE PROVIDER Arizona Elevator Solutions

EQUIPMENT ROOM 1st floor directly behind elevator

INSPECTION MONTH Quarterly

ELEVATOR EQUIPMENT Schindler Hydrolic Elevator

ROOFACCESS LOCATION Roof hatch located in 2nd floor janitor closet

TYPE OF ROOF SYSTEM Rolled asphalt roof with elastomeric coating

WARRANTY N/A

PARKINGTOTAL NUMBER OF

PARKING SPACES249 (69 Covered Spaces, 167 Uncovered Spaces, 13 Handicap Spaces)


PROPERTY UTILITIES

WATERDOMESTIC WATER LINE LOCATION Plumbed throughout the building for additional build out

SERVICE PROVIDER Epcor Water

LANDSCAPESERVICE PROVIDER Sun State

TYPE OF LANDSCAPE Rock landscape with assorted native desert trees and plants

BACKFLOW VALVE LOCATIONS NW side of building

WATER HEATER LOCATIONS Janitor closet on 1st floor

ELECTRICMAIN AND SHUT OFF LOCATION Main electric room 1st floor S.E. side of building

ELECTRICAL ROOM LOCATIONS S.E. & S.W. 1st floor

SERVICE PROVIDER APS

ELECTRIC SERVICE 277/408 3-phase

GAS – N/ATELEPHONE

TELEPHONE ROOM LOCATIONS S.E. & S.W.

SERVICE PROVIDER CenturyLink/Cox

WASTE DISPOSALSERVICE PROVIDER Waste Management

LOCATIONS & CAPACITY OF DUMPSTERS One (1) 4 yd dumper located in dumpster enclosure on south side of property

PICK UP DAYS Tuesday & Friday

RECYCLING DUMPSTERS N/A

INTERNETSERVICE PROVIDER Cox & Century Link / Fiber optic service is available in the area


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PROPERTY FLOORPLATES

OCCUPIEDOCCUPIED

OCCUPIED

OCCUPIED

AVAILABLEAV

AIL

AB

LE

AVAILABLE

1ST FLOOR FLOORPLATE



2ND FLOOR FLOORPLATE

12

PROPERTY FLOORPLATES

FULL FLOOR AVAILABLE

R

ADVENTURE ADVENTURE PLAYGROUND PLAYGROUND & SPLASH PAD& SPLASH PAD

BELA ROSE BELA ROSE APARTMENT APARTMENT

HOMESHOMES

THE ENCLAVE AT ANTHEM THE ENCLAVE AT ANTHEM

SENIOR LIVINGSENIOR LIVING

ANTHEM COMMERCE PARKANTHEM COMMERCE PARK

GATEWAY GATEWAY OFFICE PARKOFFICE PARK

DAISY MOUNTAIN DAISY MOUNTAIN RAILROADRAILROAD

ANTHEM VETERANS ANTHEM VETERANS MEMORIALMEMORIAL

ANTHEM ANTHEM MARKETPLACEMARKETPLACE

Black Canyon Fwy

Black Canyon Fwy - 61,448 VPD- 61,448 VPD

W Anthem

Way

W Anthem

Way- 17,276 VPD

- 17,276 VPDN

Vent

ure D

r

N Ve

ntur

e Dr

ANTHEM CIVIC ANTHEM CIVIC BUILDINGBUILDING

ANTHEM ANTHEM

VA CLINIC (CBOC

VA CLINIC (CBOC))

HONORHEALTH HONORHEALTH MEDICAL GROUP MEDICAL GROUP GAVILAN PEAK GAVILAN PEAK

N Gavilan Peak PkwyN Gavilan Peak Pkwy



H

H

H

Abrazo Arrowhead Hospital18701 N 67TH AVE, GLENDALE, AZ 85308

20.9 MILES

Abrazo Scottsdale Campus3929 E BELL RD, PHOENIX, AZ 85032

23.9 MILES

Mayo Clinic Hospital5777 E MAYO BLVD, PHOENIX, AZ 85054

24.5 MILES

HonorHealth Scottsdale 7400 E THOMPSON PEAK PKY, SCOTTSDALE, AZ 85255

26.7 MILES

HonorHealth Deer Valley Medical Center 19829 N 27TH AVE, PHOENIX, AZ 85207

15.5 MILES

HonorHealth Sonoron Health & ER Center3343 N 32ND AVE, PHOENIX, AZ 85085

7.2MILES

1414

SURROUNDING HOSPITALS MAP


H

H

H ANTHEM CORPORATE | 3715-3719 W ANTHEM WAY, ANTHEM, AZ

3715 W ANTHEM WAY 3719 W ANTHEM WAY

1

7,174 EMPLOYEES

2

6,648 EMPLOYEES

17

560EMPLOYEES

3

6,471EMPLOYEES

4

6,111EMPLOYEES

9

1,120EMPLOYEES

71,890EMPLOYEES

8

1,300EMPLOYEES

12

1,000EMPLOYEES

13

950EMPLOYEES

14

820EMPLOYEES

15

800EMPLOYEES

16

800EMPLOYEES

2,034EMPLOYEES

6

3,000EMPLOYEES

5

10

3,700EMPLOYEES

LARGEST EMPLOYERS MAP

11

1,000EMPLOYEES


A N T H E M C O R P O R A T E

AMERICAN EXPRESS 18850 N 56TH ST, PHOENIX, AZ 85050 7,174 EMPLOYEES

MAYO CLINIC 5777 E MAYO BLVD, PHOENIX, AZ 85054 6,648 EMPLOYEES

UNITEDHEALTH GROUP 20414 N 27TH AVE, PHOENIX, AZ 85027 6,471 EMPLOYEES

HONEYWELL 1860 W ROSE GARDEN LN, PHOENIX, AZ 85027 6,111 EMPLOYEES

USAA FINANCIAL SERVICES 1 N NORTERRA PKWY, PHOENIX, AZ 85027 3,700 EMPLOYEES

DISCOVER FINANCIAL SERVICES 2402 W BEARDSLEY RD, PHOENIX, ARIZONA 85027 3,000 EMPLOYEES

PETSMART 19601 N 27TH AVE, PHOENIX, AZ 85027 2,034 EMPLOYEES

COX COMMUNICATIONS 1550 W DEER VALLEY RD, PHOENIX, AZ 85027 1,890 EMPLOYEES

HONORHEALTH 19829 N 27TH AVE, PHOENIX, AZ 85027 1,300 EMPLOYEES

WASTE MANAGEMENT OF ARIZONA 2137 W WILLIAMS DR, PHOENIX, AZ 85027 1,120

EMPLOYEES

CIGNA HEALTHCARE OF ARIZONA 25600 N NORTERRA PKWY, PHOENIX, AZ 85085 1,000 EMPLOYEES

ABRAZO HEALTHCARE 18701 N 67TH AVE, GLENDALE, AZ 85308 1,000 EMPLOYEES

BANNER HEALTH 20325 N 51ST AVE, BLDG 9, GLENDALE, AZ 85308 950 EMPLOYEES

MIDWESTERN UNIVERSITY 19555 N 59TH AVE, GLENDALE, AZ 85308 820 EMPLOYEES

EMPEREON MARKETING 3561 W BELL RD, PHOENIX, AZ 85053 800 EMPLOYEES

TRIWEST HEALTHCARE ALLIANCE 15810 N 28TH AVE, PHOENIX, AZ 85053 800 EMPLOYEES

DISCOUNT TIRE 20225 N SCOTTSDALE RD, SCOTTSDALE, AZ 85255 560 EMPLOYEES

LARGEST EMPLOYERS LIST


3


AREA & MARKET OVERVIEW

General Phoenix Overview Anthem General Overview

Anthem Office | Phoenix Office OverviewArizona Healthcare Real Estate Market Analysis | Phoenix 4Q 2019

The U.S. Census Bureau named Maricopa County the fastest growing county in the country for three consecutive years. In 2019, Phoenix added 68,800 jobs. This is an increase of 3.2% year-over-year, and more than double the U.S. employment growth at 1.4%.

The influx of white-collar jobs and low cost of living has attracted new residents to the Valley from all over the country. Phoenix’s growth is nearly three times the national rate. Moody’s Analytics predicts another 490,030 people to move to the Valley in the next first years, an increase of 9.8%.

GENERAL PHOENIX OVERVIEW


Anthem is a suburb located just north of Phoenix. It’s an affluent market with employers American Express, Honeywell, Discover, Vanguard, Axon (Taser) and several hospital systems located there or close by. Anthem’s median income household income is $101,626, or 62% higher than the Phoenix metro area. Anthem’s median net worth per resident is $321,722, 175% higher. 61% of jobs in Anthem’s surrounding major employers are in Healthcare and Finance/Insurance.

HonorHealth is currently building the $170 million, 210,000 square-foot Sonoran Medical Center. The state-of-the-art facility will feature 24-hour emergency care. 40 inpatient beds, and particular expertise in obstetrical, gynecological, and orthopedic surgery and care. Nearby, American Express just completed a fourth 300,000 SF building, expanding its 90-acre campus, that house an additional 3,000 employees. Nationwide Insurance and is currently developing it’s a neighboring 136-acre site where they plan to build a new regional headquarters housing thousands of employees.

ANTHEM GENERAL OVERVIEW

LEADING EMPLOYERS IN OR COMING TO THE ANTHEM REGION

ANTHEM DEMOGRAPHICS 2019

PHOENIX DEMOGRAPHICS 2019

±4,885,176 SF POPULATION

$62,609 MEDIAN

HH INCOME

$116,858 MEDIAN

NET WORTH

$269,800 MEDIAN

HOME VALUE

ANTHEM VS PHOENIX

±25,795 SF POPULATION

$101,626MEDIAN

HH INCOME

$321,722 MEDIAN

NET WORTH

$360,347MEDIAN

HOME VALUE



PHOENIX OFFICE OVERVIEW

Anthem’s office market represents a strategic, niche opportunity for buyers. The market consists of only 18 buildings, totaling 510,640 SF of office space. Currently, no new office buildings are under construction. Anthem’s vacancy rates are declining. At their peak in 2011, Anthem’s vacancy rate was 32.3%; at 4Q 2019, it was only 17.9%. Average gross rental rates are up, increasing 21.9% to $25.49. Further, the average rental rate still hasn’t it its 2007 of $28.64. Accordingly, there’s a good potential the rental rates could increase more than 12.4%

ANTHEM OFFICE OVERVIEW

The Phoenix Metropolitan Statistical Area (MSA) recorded its 18th consecutive quarter of positive net absorption. Total vacancy continued to decrease, falling further below pre-financial crisis levels to 14.3%, as office-using employment in Phoenix reached almost 2.2 million jobs in the third-quarter, a 13.1% increase over the 2007 peak.The average asking office rent increased 5.6% over last year to $26.73/SF. Driven by increasing demand for Class A office space, this rental rate is $1.38/SF, or 5.4%, above the prior peak recorded in the first quarter of 2008. Acquisitions kept pace with the third quarter of 2019 at more than $500 million. This put 2019’s annual total at roughly $2.2 billion, matching transaction volume in 2018 and signaling continuing investor confidence in sustainable underlying market fundamentals.

PHOENIX OFFICE OVERVIEW

AVERAGE SALE PRICE PER SQUARE-FOOT INCREASED 12.3% FROM$209/SF IN 2018 TO $235/SF IN2019

ARIZONA PASSED A BILL TOEXEMPT VETERANS BENEFITS FROMSTATE TAXES, INCENTIVIZING MOREDEMAND FOR MEDICAL OFFICE INTHE PHOENIX METRO

AMBULATORY SURGICAL CENTER INMESA TRANSACTED THROUGH ADOUBLE ESCROW, RESULTING IN A$1.1 MILLION GAIN

REAL ESTATE MARKET ANALYSIS

RESEARCH 4Q 2019

© NEWMARK KNIGHT FRANK | 2019 RESEARCH | 1

TOP SALES TRANSACTIONS

Building Address Sale Price Price/SF Square Feet

Rome Towers 1760 E. Pecos Rd. Gilbert, AZ $26,000,000 $199.69 130,205

Pueblo Nuevo 301 E. Bethany Home Rd. Phoenix, AZ $11,950,000 $142.14 84,070

West Valley Medical Center 140 N. Litchfield Rd. Goodyear, AZ $11,400,000 $321.64 35,443

Desert Mirage Medical Plaza 12361 W. Bola Dr. Surprise, AZ $6,275,000 $166.04 37,791

ARIZONA HEALTHCARESALES TRENDSArizona’s healthcare real estate market is expected toremain healthy in 2020. It is a stable long-term investmentfueled by the demands of an aging population trend.Locations are being driven by a strategy of convenientpatient access to care specific to a medical service specialtyand a practice’s target payer mix.

While transaction volume remained consistent at $452million in 2019 from $450 million in 2018, the average saleprice per square-foot increased 12.3% from $209/SF to$235/SF.

In the fourth quarter, there were four transactions for medicaloffice buildings over 25,000 square-feet in size. WoodsideHealth, who owns several other medical office properties inPhoenix, purchased Rome Towers. Hammes Partners, a well-known player in the medical office asset class, purchasedthe West Valley Medical Center. Dr. Gary Kawesch, a high-net-worth investor in Los Angeles, acquired Pueblo Nuevooffice complex in Central Phoenix for $12 million.Boomerang Capital Partners, a hedge fund, purchased aphysician-owned medical office building in Surprise.

In addition to aging demographics trends, Governor DougDoucey and the State Senate approved a bill this quarter to

exempt veterans’ benefits from state taxes in a move toattract more inbound migration by former militarymembers to the state. Statistically, this demographic hashigher healthcare expenditures than the averagepopulation and will drive additional demand to the medicaloffice properties in the metro.

YEAR-OVER-YEAR INVESTMENT SALES COMPARISON

2018 2019 Percent Change

Price $209 PSF $235 PSF 12.4%

Sales Volume $450 million $452 million 0.4%

CURRENT MARKETRents increased 3.2% in the fourth quarter of 2019 to$25.42/SF, driving a 4.8% appreciation in rental ratessince 4Q 2018.

Vacancy rates increased 50 Bps, or 0.5%, to 14.5% inthe 4th quarter. CamelSquare, one of the largestmedical offices in the Camelback Corridor, wasdemolished to make way for a $300 million mixed-usedevelopment to include a NBA/WNBA training facility,boutique hotel, Class A office and retail space. Inaddition, the Phoenix medical office market wasshocked by St. Luke’s Medical Center’s closing inNovember after serving the Valley for over 100 years.This runs counter to large expansions of otherhealthcare networks including Dignity, Banner andAbrazo Health, but is in line with a shift away frominpatient hospital visits toward outpatient and urgentcare services.

Active projects under construction increased to259,161 SF, the highest since 2Q 2017. This sharpincrease signals renewed confidence in a sustainable

ARIZONA HEALTHCAREREAL ESTATE MARKET ANALYSIS

© NEWMARK KNIGHT FRANK | 2019 RESEARCH | 2

TRISHA TALBOTManaging Director, [email protected]

KATHLEEN MORGANManaging Director, [email protected]

ARIZONA HEALTHCAREREAL ESTATE MARKET ANALYSIS

NNEETT AABBSSOORRPPTTIIOONN

$24.38 $24.77 $24.63 $25.44

12.0%

13.0%

14.0%

15.0%

$23.50

$24.00

$24.50

$25.00

$25.50

$26.00

1Q19 2Q19 3Q19 4Q19

Pric

e Pe

r Squ

are

Foot

Rent Vacancy

24,720

-22,342

13,842

-76,117-100,000

-50,000

0

50,000

100,000

1Q19 2Q19 3Q19 4Q19

Squa

re F

eet

Absorption

AASSKKIINNGG RREENNTTSS // VVAACCAANNCCYY RRAATTEE

MARKET ANALYSIS

Total Inventory Vacancy Rate Quarterly Absorption Average Rent Under Construction

Current Quarter 19,506,344 SF 14.5% -76,117 SF $25.44 259,161 SF

Prior Quarter 19,509,952 SF 14.0% 13,842 SF $24.63 86,000 SF

Year over Year 19,466,883 SF 13.7% 131,859 SF $24.26 145,499 SF

RENTS INCREASED 3.2% THROUGHTHE 4Q 2019, THE HIGHESTQUARTERLY INCREASE THIS CYCLE

SF UNDER CONSTRUCTIONINCREASED OVER 200% IN 4Q TO259,161 SF, THE HIGHEST IN 2YEARS

ST. LUKE’S MEDICAL CENTER CLOSED AFTER SERVICING CENTRAL PHOENIX FOR OVER 100 YEARS WITH OVER 700,000 SF OF HEALTHCARE SERVICES

national economic expansion, allowing developers tocontinue to capitalize on nation-leading fundamentalsand population growth in Phoenix. The largest of theseprojects includes the 90,000 SF Sierra Bloomdevelopment in Scottsdale set to deliver in 4Q 2020 andthe 58,647 SF Mercy Medical Commons II project inGilbert completing in February 2020.

MICHELLE [email protected]

ARIZONA HEALTHCARE REAL ESTATE MARKET ANALYSIS | PHOENIX 4Q 2019



KATHLEEN MORGAN, CCIM Healthcare Investment AdvisorManaging DirectorP (602) 952-3815 [email protected]

TRISHA TALBOT, CCIM Healthcare Investment AdvisorManaging DirectorP (602) 952-3880 [email protected]

YOUR TEAMMICHELLE RAE Healthcare Investment AdvisorAssociateP (602) 952-3816 [email protected]

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ANTHEM · 2020. 3. 17. · PROPERTY ADDRESS 3715 - 3719 W. Anthem Way, Anthem, Arizona ASKING PRICE...

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