West Coast Capital Buys Phoenix-Area MOB
West Coast Capital Partners has acquired Mountain View I, a 91,082-square-foot medical office building in Scottsdale, Ariz.
Represented by Newmark, Regent Properties sold the asset for $11 million. The buyer purchased the facility with the aid of a $12 million loan, provided by First International Bank & Trust, Maricopa County records show.
The property last traded in 2014, when the previous owner acquired it for $17.2 million from Principal Real Estate Investors, as part of a $34.6 million portfolio transaction that also included Ninety Mountain View II, according to CommercialEdge information.
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The three-story Mountain View I came online in 2000, on a 3.3-acre site and underwent cosmetic renovations in 2016. The LEED and Energy Star Certified property features 30,361-square-foot floorplates, two passenger elevators, controlled access and offers 455 car parking spaces.
The tenant roster includes Desert Plastic Surgery, Audiology of Scottsdale, MCS Biotech Resources and Paradise Valley Medical Clinic, among others. Mountain View I was 86 percent leased at the time of the sale.
Located at 9977 N. 90th St., in the Scottsdale Cure Corridor, the property is within walking distance of the 427-bed HonorHealth Scottsdale Shea Medical Center. The facility has access to U.S. Route 101 and is 24 miles northeast of downtown Phoenix. Other medical providers in the surrounding area include New Horizon Medical Center, Viva MedSuites, Banner Urgent Care and Halogen Medical Services, among others.
The Newmark team included Executive Managing Directors Barry Gabel, Chris Marchildon and Charles J. Osbrink.
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