Paradise Valley Medical Office Building is on the Paradise Valley Hospital campus at 3805 East Bell Road in Phoenix. This 104,213 square foot five-story building sits on a two acre site. The medical office building was previously owned by RP Paradise Valley, an entity formed by the Plaza Companies and USAA Real Estate Company, and later sold in 2014 to ARHC PVPHXAZ01, LLC. Plaza Companies is the developer, leasing agent and manager.
Plaza structured an attractive physician investment program with a number of physician tenants, many of whom anchored the project. The project included a joint venture and shared improvement agreement with other stakeholders operating on campus. In addition, the Plaza team worked closely with the hospital to design a building that would complement the adjacent hospital, which was planning a $45 million redevelopment. The five-story medical office building was designed to serve as an identifying landmark on the campus.
The challenge and the impressive results
The buiilding is located near many medical office buildings, so the market in this area is very competitive, including a 10-year old building that is adjacent to the building and a recently completed medical office building directly behind the property.
Despite this highly competitive market, the experienced leasing team at Plaza Companies achieved impressive results. Paradise Valley Medical Office Building enjoys lease-occupancy rates much higher than both the general market and all of the proximate buildings. Tenants have great pride and satisfaction in the building as well, and it is considered the premier medical office building in the trade area.