Interdisciplinary Clinic Renews Lease at Phoenix Redevelopment
- Apr 23, 2020
District Medical Group Children’s Rehabilitative Services has renewed its 56,000-square-foot lease at Park Central, a mixed-use redevelopment in Phoenix. A tenant at the property since 2013, the multi-specialty interdisciplinary clinic has extended its lease for a 10-year term. Citywide Commercial Senior Vice President Bo Sederstrom represented DMG in the lease negotiations.
Located at 3141 N. Third Ave., the 204,935-square-foot medical office building that houses DMG was renovated in 2018, Yardi Matrix shows. The Class B property features 80,000-square-foot floorplans and a parking ratio of 6 spaces per 1,000 square feet.
According to Yardi Matrix data, the 495,000-square-foot Park Central, the city’s first large-scale mall, was originally completed in 1957 and converted for office use in 1995. Developers Plaza Cos. and Holualoa Cos. have been improving the property ever since. Recent additions include breaking ground on a $100 million Creighton University health sciences campus. A 278-unit community and a 2,000-space parking structure are also underway at the site, while a dual-branded Hilton hotel is in the planning phase.
The property is some 3 miles north of downtown Phoenix, adjacent to St. Joseph’s Hospital and Medical Center. Two light rail stations on-site provide easy access to the location. Interstates 10 and 17 are less than 3 miles from the development. Park Central is also 3 miles north of an 18-story office building, where medical tech company Solera Health expanded its footprint by 11,000 square feet in July 2019.