GLENDALE — Cushman & Wakefield this week announced the sale of Il Palazzo at Arrowhead Ranch, a 44,680-square-foot mixed-use medical office and retail property spanning five buildings in Glendale.

Consisting of one- and two-story buildings at the northwest corner of Union Hills Drive and 59th Ave., the mixed-use property was 96% leased.

Approximately one-third of its occupancy comprises retail and restaurant tenants, including a national bank branch, and the remaining two-thirds is made up of medical, wellness and professional office tenants.

Cleveland, Ohio-based medical office investor Woodside Health acquired the asset for $12.5 million.

Alexandra Loye, Steve Lindley, Eric Wichterman and Mike Coover with Cushman & Wakefield’s Capital Markets and Private Capital teams in Phoenix negotiated the sale.

“Il Palazzo at Arrowhead Ranch is very well located at a key intersection in Arrowhead Ranch, considered one of the most sought-after master-planned communities in metro Phoenix, and is also close to hospitals and major employment. With a strong tenant mix including many healthcare tenants, it presented a very attractive acquisition opportunity for Woodside Health,” said Alexandra Loye, Executive Managing Director.

The property is located less than a mile from Loop 101, and approximately one mile from Abrazo Arrowhead Campus hospital.

Cushman & Wakefield is a global real estate services firm that delivers value for real estate occupiers and owners. They are among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.

To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.