San Francisco-based Stockbridge Funds has purchased a 49,816-square-foot medical office building at 555 North 18th Street, Phoenix, for $8.45 million from Chicago-based Heitman Real Estate Investment Management.
Built in 2006, St Luke’s Medical Building is a multi-tenant medical office project on 5.63 acres. The property is located north of Van Buren Street on 18th Street, adjacent to St. Luke’s Medical Center and one-half mile from Interstate 10. St Luke’s Medical Building was 86% occupied at the time of sale. The new owner plans to hold the property and continue to lease-up the remaining space.
Information from various media sources