Biltmore Medical Mall. (Submitted Photo)
The Phoenix Kidder Mathews healthcare team negotiated a deal that brought life back to a vacant space and closed another deal in which a medical back office was converted to a dental office at Biltmore Medical Mall, 2222 E. Highland Ave. in Phoenix.
Kidder Mathews Vice President Rachael Thompson and Senior Vice President Michael Dupuy helped secure the leases for a total consideration of $1.95 million and 7,863 square feet, according to a press release.
The team negotiated a seven-year medical office lease worth $1.013 million for 4,811 square feet and a 10-year dental office lease worth $930,575 for 3,052 square feet.
“We are thrilled to have these two new tenants at Biltmore Medical Mall,” Ms. Thompson said in a prepared statement. “The demand in this market has dramatically increased over the past 12 months and we hope to see the building close to 100 percent by the end of the year.”
The landlord is Welltower of Toledo, Ohio. Ms. Thompson represented the landlord and Fletcher Perry, also of Kidder Mathews, represented the tenant, Dr. Patrick W. Hogan, Arizona Spine & Pain Specialists, in the medical office lease.
This is the tenant’s sixth location in Arizona. The space was a former research space that sat vacant for seven years, a release states.
Ms. Thompson also represented the landlord in the conversion of back office space to the dental office of A. William Choules, DDS, of Choules Family Dentistry and Orthodontics. Rich Andrus of Menlo Group represented the tenant.
Two medical office suites remain at Biltmore Medical Mall, both on the second floor. One totals 2,319 square feet of clinical space and the other totals 5,691 square feet of open space.
Current tenants include Arizona Oncology, Biltmore Surgical Center, Foothills Sports Medicine, TOCA, SMIL and Eye Surgery Center at the Biltmore.
“This building is specifically in high demand with its immediate access to SR-51, good payer mix, excellent demographics and two surgery centers on the first floor,” Ms. Thompson said.
“Physicians who live near the Biltmore or Paradise Valley areas can have a practice in a well-appointed Class A medical building with little driving.”
The location is close to Banner University Medical Center, Phoenix Children’s Hospital and Abrazo Heart Hospital without having to have a practice in that market.