{"id":1004584859,"date":"2022-06-16T04:41:50","date_gmt":"2022-06-16T12:41:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004584859"},"modified":"2022-12-08T22:54:33","modified_gmt":"2022-12-09T06:54:33","slug":"investors-preference-for-mobs-still-high-in-phoenix","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/investors-preference-for-mobs-still-high-in-phoenix\/","title":{"rendered":"Investors Preference for MOBs Still High in Phoenix"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004545005\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-slow-and-steady-development-progress\/market-update-resized\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" data-orig-size=\"1200,930\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Patricia Todoran&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1497549143&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Market-Update-resized\" data-image-description=\"&lt;p&gt;Office Sales Update Q2&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=1024\" class=\"alignright wp-image-1004545005 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=1024,794 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>The Phoenix office market witnessed investment activity in April, according to <strong>CommercialEdge<\/strong>. While only 134,931 square feet of space changed hands, marking a 91.7 percent drop month-over-month, all office sales were completed for medical office buildings, proving once again the attraction of this alternative asset class.<\/p>\n<p>The traded square footage was also 83 percent smaller on a year-over-year basis, as 798,365 square feet had changed hands in April 2021. This year\u2019s transactions included a mix of Class A and Class B properties, with two of the three deals having closed in Phoenix proper.<\/p>\n<p>The Valley\u2019s deals year-to-date added up to $942 million at an average price of $322 per square foot, 16.2 percent higher than the national figure of $277 per square foot. The figures show significant improvement when compared to the same period of 2021, when sales totaled $453 million, at an average of $211 per square foot.<\/p>\n<p>One of the largest medical office buildings to change ownership in April, the 51,150-square-foot Grunow Memorial Medical Center in Phoenix, traded in a $600 million portfolio deal. Canada-based REIT <strong>NorthWest Healthcare Properties<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/harrison-street-pockets-600m-for-mob-portfolio\/\">acquired 27 medical office assets<\/a>, totaling 1.2 million square feet, spread across 10 states. <strong>Harrison Street<\/strong> sold the properties that were held in several of its funds. The buyer financed the acquisition with a $337 million loan from <strong>Royal Bank of Canada<\/strong>.<\/p>\n<p><em><a href=\"https:\/\/www.commercialedge.com\/\">CommercialEdge<\/a> covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report\/\">here<\/a>. We included properties of 25,000+ square feet in our research.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>All office transactions of April pertained to this alternative asset class, according to CommercialEdge.<\/p>\n","protected":false},"author":870,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,1601,15],"tags":[51047,50674],"class_list":["post-1004584859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-phoenix","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Phoenix Office 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