Washington investor dips investment toe into Phoenix Biltmore marketplace
Staff Reports | Digital Free Press
Cushman & Wakefield is announcing the sale of a freshly renovated, multitenant medical office building in Phoenix where locals call the “Biltmore Area.”
Known as the Missouri Professional Plaza, 1277 E Missouri Ave., the two-story building, which equates to 24,790 square feet is completely leased, according to a press release. 1277 Investment Alliance, LLC, a Washington company, acquired the asset from Helix Properties for $9.05 million, the release states.
Eric Wichterman, Mike Coover and Alexandra Loye with Cushman & Wakefield’s Capital Markets & Private Capital teams in Phoenix represented the seller in the transaction.
“This was a high-quality investment opportunity of a stable and fully renovated medical office building in the upscale and amenity-rich Biltmore-Camelback Corridor, one of metro Phoenix’s most prestigious areas,” said Executive Managing Director Eric Wichterman in a prepared statement. “The seller had recently invested nearly $1 million in completing a series of interior/exterior renovations and tenant improvements during 2020-21.”
Originally built in 1975 and designed by modernist architect Al Beadle, the Missouri Professional Plaza provides extensive frontage and visibility along one of the Phoenix’s private medical field’s esteemed streets.
Representatives of Cushman & Wakefield offers access to many exciting retail and shopping amenities and restaurants that surround the project in all directions — including 7th Street’s ‘Restaurant Row,” which is just an arrow’s shot away, representatives there say.
