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Key Central Phoenix Medical Building Gets A New Owner; Plaza Companies Handled the Sale and is Selected to Provide Leasing, Property Management and Construction Services

Toronto Investor Buys Important Medical Hub at 333 West Thomas; Win-Win for Tenants, Patients

PHOENIX, Arizona (May 12, 2014) — A Central Phoenix building that is a home for crucial medical centers that help thousands of people get well each year has a new owner.

A Toronto-based private investor purchased the medical office building at 333 West Thomas Road, which is across the street from one of the largest hospitals in the state, St. Joseph’s Medical Center (home to the world-renowned Barrow’s Neurological Institute and the Muhammed Ali Parkinson Center).

The seller retained Aaron Kuhl, Plaza’s Senior Vice President of Brokerage Services, as the exclusive representative based on his extensive experience with the medical and investment communities in Arizona.

Plaza’s leasing team has been actively marketing the 333 West Thomas building to new tenants for the past two years, with Megan Sherwood and Perry Gabuzzi of Plaza bringing the building from 50% occupancy up to 94% occupancy at the time of closing.

The investor selected the Plaza Companies team to handle all leasing, property management and construction responsibilities at 333 West Thomas.

“It was a pleasure to work with seasoned investors and brokers on all aspects of this transaction,” said Aaron Kuhl, Senior Vice President-Brokerage Services for Plaza Companies. “333 W. Thomas is a great value with an irreplaceable location that will continue to serve its physician tenants well into the future.”

The Buyer had previously enjoyed a long-term relationship with Plaza Companies at Venture Court in Anthem. And Plaza was already enjoying a great deal of leasing success, having elevated 333 West Thomas from 50 percent occupancy to the current 94 percent occupancy over the past couple of years.

The 21,517-square-foot property’s tenants include Express Urgent Care Center, Central Phoenix Family Medicine and Phoenix Neurology and Sleep Center and Arizona Spine Center. The building, constructed in the 1960s, underwent several significant interior and exterior capital improvements over the years, the most recent in 2011.

The building is another solid building block in the Phoenix metropolitan area’s medical sector. Its new ownership represents stability in a medical sector that is in flux, with major health care regulation changes and with the increasing needs of the aging Baby Boomer population. Medical service providers are able to better serve patients by congregating their offices in one area, and in this case across from a major hospital.

Sharon Harper, President and CEO of Plaza Companies, said that the existing Plaza leasing team at 333 West Thomas led by Megan Sherwood and Perry Gabuzzi will be retained by the new owner. Additionally, the services of the property management team led Plaza’s Dyanna Bentley, and the construction services team led by Jon Stelzer and Susan Byram, also have been retained by the new owner.

With offices in Peoria, Scottsdale and Tucson, Plaza Companies is a full service real estate firm specializing in the management, leasing, sales and development of medical office, commercial office and retail properties, technology and bioscience facilities, mixed-use properties and senior housing communities. Since 1982, Plaza Companies has established a proud track record as a competitive, connected and conscientious real estate firm with partnerships throughout the industries it serves. For more information, please visit www.theplazaco.com.

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