Il Palazzo at Arrowhead Ranch, a 44,680-square-foot mixed-use medical office and retail property spanning five buildings in Glendale, is under new ownership.
Consisting of one- and two-story buildings at the northwest corner of Union Hills Drive and 59th Avenue at 5940 W. Union Hills Drive, the property was 96% leased. Approximately one-third of its occupancy comprises retail and restaurant tenants, including a national bank branch, and the remaining two-thirds is made up of medical, wellness and professional office tenants.
Cleveland, Ohio-based medical office investor Woodside Health acquired the asset for $12.5 million, according to commercial real estate firm Cushman & Wakefield.
Alexandra Loye, Steve Lindley, Eric Wichterman, and Mike Coover with Cushman & Wakefield’s Capital Markets & Private Capital teams in Phoenix negotiated the sale.
“Il Palazzo at Arrowhead Ranch is very well located at a key intersection in Arrowhead Ranch, considered one of the most sought-after master-planned communities in metro Phoenix, and is also close to hospitals and major employment,” Alexandra Loye, executive managing director, shared in a statement. “With a strong tenant mix including many healthcare tenants, it presented a very attractive acquisition opportunity for Woodside Health.”
The property is located less than a mile from Loop 101, and approximately one mile from Abrazo Arrowhead Campus hospital.