Medical office project to undergo multi-million-dollar renovation
Phoenix, October 15, 2019 - Alexandra Loye and Julie Johnson of Colliers International in Arizona have been enlisted to handle leasing for the Desert Medical Plaza, a four-building, 289,068-square-foot medical office project located on the Banner Desert Medical Center campus on Dobson Road and the US-60 in Mesa, owned by Lillibridge Healthcare Services.
Currently offering attractive leasing packages for new tenants and renewals, the buildings, which are located at 1432, 1450, 1500 and 1520 S. Dobson Road in Mesa, will undergo a multi-million-dollar modernization project in 2020 by Krause Interior Architecture, Inc.
The extensive changes to bring all the buildings to a contemporary Class-A level will include new facades and entrances for two buildings, redesign of all lobbies and common areas, as well as an extensive exterior renovation, which will add an attractive outdoor plaza with on-site cafe and new robust signage package.
The project will include construction of move-in ready spec suites that will be available for immediate occupancy. There is tremendous opportunity for stabilizing the campus with 81,960 square feet currently available for lease.
Desert Medical Plaza is situated on the campus of Banner Desert Medical Center, home to Cardon Children’s Hospital and Banner MD Anderson Cancer Center. Primary tenants of the development include Banner Health, Tri City Cardiology and The CORE Institute (orthopedic surgeons and neurologists).
Desert Medical Plaza is owned by Lillibridge Healthcare Services (‘Lillibridge’), a wholly-owned subsidiary of Ventas, Inc. The company is recognized for creating preeminent and exceptional spaces for delivery of quality healthcare. Lillibridge has partnered with PMB Real Estate Services (‘PMBRES’) on the Desert Medical Plaza project. PMBRES is a leading full-service healthcare real estate services company that works with health systems, hospitals, medical groups, specialty providers and academic medical centers across the West Coast.
“This is a very exciting opportunity to lease a large trophy medical office portfolio on behalf of an institutional owner that has traditionally handled their leasing in-house,” says Loye. “Their decision to engage third-party leasing services speaks to the value and advantages of local market brokerage knowledge and expertise. Once this major renovation is complete, the buildings will display the qualities of a modern medical office campus, perfectly suited to meet the needs of the evolved healthcare tenant.”
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
Colliers International in Arizona has served clients locally and globally for more than 35 years.