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Business Briefcase

BY LAUREN SERRATO

West Valley View Staff Writer

Hello, and welcome back to Business Briefcase. As many know by just looking at the number of houses, apartment complexes and businesses making their way to Goodyear, the city is growing at a rapid rate.

In fact, Goodyear is one of the fastest-growing cities in the nation. With a population of more than 94,000, Goodyear has become a place where businesses want to be, and Arizonans want to work.

As for Buckeye, the growth is just as evident. Buckeye is among the fastest-growing cities in America, too.

In fact, it was ranked the second-fastest growing city after its 56.6% population increase since 2010.

The city is expected to have triple the number of residents in the next 10 to 20 years.

So, it’s no surprise that major corporations and other businesses are choosing to break ground in Buckeye.

That said, Goodyear and Buckeye will soon be home to another major business.

Here’s what the West Valley can expect to see in the year to come.

Medical office to open in Goodyear

A two-story, 57,000-square-foot medical office building is being developed in Goodyear. The $16.3 million building will be the first new medical office in Goodyear since 2004.

The building project, developed by Wentworth Property Acquisitions, will be located on the corner of Bullard Avenue and West McDowell Road.

“The new medical office building certainly fills the need in Goodyear, as well as the West Valley for high-end, class A medical office,” said Lori Gary, director of the Economic Development Department.

“I do think for the city of Goodyear, as well as the residents on the west side, it will have the opportunity to bring in more medical practices which gives our residents more medical options that are close to home.”

Plans indicate construction will begin during the fourth quarter of 2021, with an estimated completion date set for the fourth quarter of 2022.

The medical office building will feature a contemporary facade with sizable glass windows. Quick patient and visitor parking will be adjacent to the building’s entrance.

The project is one of the many businesses making their way to Goodyear, as the city continues to flourish.

“We are excited about having the medical office building come in and it certainly captures the need for additional office spaces, particularly medical space,” Gary said.

“It also demonstrates the strength in our market and how the developers are feeling about the Goodyear market and knowing that they’re strong for a variety of different business segments in our market. It also has shown confidence in the market in that businesses realize the demand exists here, and that investors are willing to come in and have the confidence that the market continues to grow and that there’s demand to fill the types of properties they’re developing.”

ALDI in Buckeye

As the popular grocery store opened in Goodyear at the end of 2020, the ALDI franchise is preparing another West Valley location in Buckeye.

Located at West Yuma Road, near Planet Fitness, the area is fenced off, marking the start of construction, according to Craig Heustis, Buckeye City Councilmember, representing District 5.

Dave Roderique, Buckeye’s economic development director, has confirmed the new ALDI store coming to Buckeye.

Roderique said there is not a set completion date yet, but “the community is very anxious for it to open.”

Have an item for Business Briefcase?

Please email your business news and tips to Lauren Serrato at lserrato@timespublications.com

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WEST VALLEY VIEW NEWS | JUNE 16, 2021

Kidder Mathews closes on three medical office buildings

BY WEST VALLEY VIEW STAFF

The Phoenix Kidder Mathews health care team continues to capitalize on the robust medical office building market in the West Valley, representing the sellers in the disposition of three assets in the second quarter of 2021 totaling $32.85 million.

Kidder Mathews sold the properties within six weeks of each other after getting them each to, at least, 97% occupancy. Two were conversions to medical; one was a single-story, garden-style medical office campus.

The team of Senior Vice President Michael Dupuy and Vice President Rachael Thompson represented the sellers.

“All three of these projects are strategically located with great drive-up and building signage options,” Thompson said. “The medical market is seeing an increase in the demand for buildings like these: excellent payor mix, easy access to main roads/freeways and well maintained. Patients and tenants gravitate to buildings like these.”

A noteworthy trend is the conversion of retail centers to medical office. Last year Kidder Mathews started the process of leasing up Cornerstone Medical Center, a 20,235-square-foot repurposed Maytag appliance store in Goodyear on behalf of Whiteboard Development.

Within 14 months, the project was fully leased with tenants competing for the final spaces. Tenants included Cigna, ResCare, Valley Sleep Center and the Center for Autism and Related Disorders (CARD). The project was built by Colin Brown of Whiteboard Development Co., his third retail-to-medical office conversion project in Greater Phoenix.

“Identifying soft spots in the market is one thing, but you have to do your homework up front on the physical asset itself because not every retail or office property is equipped to be a medical office building,” Brown said.

The asset is in Goodyear. It offers a quick 2-minute drive to the I-10 freeway, providing easy access to housing, entertainment and retail.

The Abrazo West Campus is within walking distance and the project is not encumbered with any use restrictions.

“The buyer profiles for each of these deals were unique. The buildings, however, were more similar in the fact they were all located in the West Valley, well designed and well leased. We’ve seen strong interest from investors that historically owned other product types,” Dupuy said. “Demand is high for medical offices. An aging and growing population in Metro Phoenix continue to support this. There’s more to come.”

The deals:

• Cornerstone Medical Center, 20,235 square feet, $7.65 million, Goodyear • Talavi Medical Plaza, 35,893 square feet, $10 million, Glendale • Thunderbird Palms, 52,013 square feet, $15.25 million, Glendale • Info: kiddermathews.com