First Post-Recession Medical Office Spec 

by Mike Hunter

arrowhead-orchards

The Arrowhead Orchards medical office development in Glendale is the first MOB spec project in the Valley since the recession. The property owner, Arrowhead Health Center, LLC, an entity affiliated with Legend Real Estate Management, Inc., has begun developing 22,700 square feet of new product.

CBRE’s Vince Femiano, who, with Katie Kelley, will be responsible for the marketing and leasing of the new building, notes, “There are a number of factors influencing current medical real estate trends. We’re currently seeing a significant lack of quality blocks of contiguous space over 5,000 square feet, and, as healthcare groups consolidate, the demand for functional larger blocks of space is increasing.”

Presently, the development consists of approximately 103,216 square feet of class A medical office space, comprised of the two, two-story buildings.

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