Spectrum Medical Commons

Details

Gilbert, Arizona
44,210 SF

 

Responsibility

  • At-Risk Development
  • Leasing
  • Property Management
  • Site Acquisition

 

Value Added

Purchase Date: January | 2017
Purchase Price: $11.3 million
Equity: $2.2 million
Sale Price: $17.7 million
Sale Date: June | 2019

  • Completed acquisition of land that was already 65% preleased
  • Maintained schedule; project entitled, financed, designed and constructed by the initial target occupancy date
  • Managed project details including recruitment of key surgical practices as tenants in the building
  • Building was 100% occupied within eight months of initial occupancy

Spectrum Medical Commons is a 44,210 square foot, custom-designed, multi-tenant, Class A, medical office facility that provides outpatient services including an ambulatory surgery center sponsored by USPI, a national leader in surgery center operations. The contemporary project provides a comprehensive patient experience by providing procedural services tailored for the convenience of working adults and their families..


Irgens completed the acquisition of four acres of land for the Gilbert medical campus that was already 65% preleased. Irgens maintained a tight schedule and had the project entitled, financed, designed and constructed by the initial target occupancy date. During the process, Irgens managed the details on the project including recruitment of key surgical practices as tenants in the building. Within eight months of initial occupancy, the building was 100% occupied by surgeons who are both investors in the surgery center as well as tenants who have dramatically increased utilization and profitability of the center.