Staff Reports | Business & Commerce
Cushman & Wakefield is announcing that it arranged $19.962 million in acquisition financing on behalf of Albany Road Real Estate Partners for Edwards Professional Park I & II, a two-building, 91,469-square-foot medical office portfolio in Scottsdale.
Tyler Morss of Cushman & Wakefield’s Healthcare Capital Markets Team led the assignment, representing Albany Road, a Boston-based private equity real estate investment firm, in securing financing through a regional bank, according to a press release.
Found at 10752 N. 89th Place and 8952 E. Desert Cove Ave., Edwards Professional Park I & II are in central Scottsdale, a medical office submarket within the Phoenix metropolitan area.
The buildings are 91% leased to 47 medical and healthcare-related tenants. Approximately 98.7% of the occupied space is dedicated to healthcare uses, including dentistry, orthopedics, gastroenterology, dermatology, behavioral health, physical medicine, infusion therapy and aesthetic medicine practices.
The portfolio benefits from direct access to Loop 101 and Shea Boulevard and is located one block south of the 427-bed HonorHealth Scottsdale Shea Medical Center. The properties are also within the Scottsdale Cure Corridor, a healthcare and life sciences hub that continues to attract investment, innovation and employment growth in the region.
“Edwards Professional Park presents a strong investment opportunity given its established tenancy, robust healthcare focus and strategic location adjacent to one of Arizona’s premier medical campuses,” Director Tyler Morss said. “The financing structure we secured provides Albany Road with an attractive capital solution that supports its long-term investment strategy while capitalizing on the continued growth and demand for outpatient healthcare real estate in Scottsdale.”
Cushman & Wakefield’s Healthcare Capital Markets Team includes Travis Ives of San Diego, Gino Lollio of Chicago and Mr. Morss of New York. The team focuses on investment sales, as well as equity, debt and structured finance for healthcare real estate across the United States. Its clients include investors, developers and occupiers of medical office buildings, inpatient rehabilitation hospitals and other specialty care facilities.
