Newmark Grubb Knight Frank (NGKF) announces the purchase of 7200 W. Bell Road in Glendale by Woodside Health/Crescendo Commercial, making its first acquisition in the Phoenix market. The eleven building, 69,930-square-foot portfolio of single-story properties was sold by IX CW 7200 West Bell Road, L.P. for $10,936,000, or $156.38 per square foot. Representing the buyer in the transaction, the recent deal was handled by Managing Directors Kathleen Morgan, CCIM and Trisha Talbot, CCIM of the NGKF Phoenix office and members of NGKF’s Global Healthcare Services (GHS) team, along with GHS brokers, Executive Managing Directors Todd Perman, CCIM and Garth Hogan and Managing Director Dana Hamric. IX CW 7200 West Bell Road, L.P. was represented by Cushman & Wakefield’s Eric Wichterman, Mike Coover and Ray Harris.
“With its prime location and diverse tenant mix, Arrowhead Creekside Medical Office Building is an ideal first acquisition and entry into the Phoenix market for Woodside Health,” remarked Morgan. “Their ability to work well with medical tenants and improve acquired real estate is key to being successful in the Phoenix medical market.” Built between 1998-2006, Arrowhead Creekside is home to twenty tenants, most of which are in the medical, health and human services field.
“We believe real estate in the Arrowhead area is a great investment,” said Ted Barr, Woodside Health Principal. “We have evaluated properties in Phoenix for quite some time and acquiring Arrowhead Creekside was worth the wait.”
Arrowhead Medical is the 18th acquisition for Woodside Health. The Cleveland-based medical office building acquisition and management firm has medical and health related properties in Florida, Michigan, North Carolina, Ohio, and Texas. Woodside Health is under contract to acquire additional properties.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.