Connect Media – The Arc’s Many Plusses Make for a Full MOB Conversion

This article originally appeared in connect phoenix & southwest

The Arc, previously known as Stapley Corporate Center, a 180,110-square-foot class-A office project in Mesa, recently sold for $37 million. Built in 2007 to 2008, the 87 percent leased two-story two-building asset features a tenant roster of physician-occupied (23 percent) and medical-related (40 percent) users.

The property was acquired by the joint venture of Cypress Office Properties and Harbert Management Corporation. The seller was Buchanan Street Partners.

“Capitalizing on a trend of robust healthcare employment in Arizona, coupled with a COVID-induced desire among physician and patients to be located off hospital campuses, the Cypress/Harbert duo intends to reposition the project to complete medical office,” says Mark Wayne of Cypress Office Properties. “The property’s convenient freeway access, adjacent retail amenities and physical design make it an ideal asset for full medical office conversion.”

Cushman & Wakefield’s Chris Toci and Chad Littell handled the transaction on behalf of both parties. The firm’s Sheila Bale, Tom Weinhold and Kristina Cutillo provided medical leasing advisory.

“Due to strict regulations for medical professionals about work from home, we are confident that The Arc is an ideal class-A office project for complete conversion to medical office,” said Toci.

The Arc is situated on more than 14 acres at 1840 and 1910 South Stapley Dr.