May 31st, 2022
CLEVELAND, OH – Woodside Health is excited to announce it closed on two acquisitions last week. First was the purchase of the Optum Center, a five-story Class A medical office building located at 20414 N. 27th Avenue in the Deer Valley area of Phoenix, Arizona. Second was the purchase of Cornerstone Plaza, a two building "med-tail" property located at 2707-2727 E. Southlake Boulevard in Southlake, Texas. The two properties have a combined 133,000 square feet. Optum Center is 100% leased to four medical tenants, with a portion of the building coming available in early 2023 for great businesses / medical practices that want to expand into this thriving, high-growth community in northern Phoenix. Cornerstone Plaza is 88% leased to 8 tenants, the anchor tenant being Cook Children's Medical Center that offers pediatric urgent care and specialty services at the property.
The acquisitions are Woodside's 11th in Phoenix and 5th in Dallas, following on the heels of two other acquisitions this year, which were also in Dallas and Phoenix. Woodside continues expanding their presence in growth markets throughout the country.
"We're thrilled to be the new owners of both of these superb assets," said Joe Greulich, Woodside Health Principal. "Each of them present different, exciting opportunities," he added. "The Optum Center will the 2nd and 4th floors becoming available early next year and we're already in discussions with a couple tenants interested in securing space here in northern Phoenix, just minutes from the Taiwan Semiconductor plant that is under construction. The plant cost and economic impact to the area is estimated at $38 billion. At Cornerstone Plaza, we're already implementing landscaping and signage upgrades, which will really make the center pop and benefit all the tenants."
These are the 42nd and 43rd acquisitions for Woodside Health. The firm has medical and health related properties in Arizona, Florida, Georgia, Michigan, Ohio and Texas. Woodside Health remains an active buyer in the medical office building market and is currently under contract to acquire other properties.
About Woodside Health
Headquartered in Cleveland, OH, Woodside Health is a private equity firm focused primarily on investing in commercial assets within the healthcare real estate sector. Founded in 2008, the firm has acquired over two million square feet of property valued in excess of $500 million. For more information, please visit www.WoodsideHealth.com.