Woodside Health Buys Phoenix MOB

Woodside Health has acquired Greenfield Medical Office Building, a 29,828-square-foot medical outpatient facility in Gilbert, Ariz., near Phoenix. McDowell Enterprises previously owned the asset, according to Yardi Matrix information.

This marks the company’s third transaction of the year. The single-story building was fully occupied at the time of sale.

Mountain View Surgery Center Gilbert, a partnership between physician owners and the ambulatory surgery center operator United Surgical Partners International, anchors the medical office building. Other tenants include ophthalmology, dental and vascular practices providers.

Completed in 2001 at 2450 E. Guadalupe Road, Greenfield Medical Office Building has 132 parking spaces, as well as 2,100 square feet of retail space. The facility is about 8 miles from Mesa Gateway Airport, while central Gilbert is within 4 miles southwest. Downtown Phoenix is some 24 miles away.

Other medical providers in the area include Phoenix Children’s Pediatrics, Southwest Contemporary Women’s Care and the Gateway Medical Professional Village medical center.

The medical outpatient facility sector remains steady, supported by high occupancy levels, strong tenant retention and limited development pipeline—factors that continue to shape medical office real estate trends. An aging population is also an important driver for the sector.

Woodside’s recent medical office expansion

Woodside Health manages 2.2 million square feet of health-care space and has completed $1.5 billion in sales since its founding in 2008. The company focuses on markets with strong demographics and a strong demand for medical services, Principal & Managing Partner Ben Barr told Commercial Property Executive last month.

Although that approach historically favored the Sun Belt, Woodside has expanded into additional markets with similar fundamentals as well. In November, the firm acquired Pinnacle Medical Outpatient Building, a 37,846-square-foot facility in Bend, Ore., marking its first investment in the state.