MAINSTREET PURCHASES PROPERTY AT ALGODON CENTER FOR TRANSITIONAL CARE AND ASSISTED LIVING FACILITY

Property at Adjacent Shopping Center Sold for Kids Inc. Learning Center

PHOENIX, AZ (FEB. , 2016) ‐‐ Mainstreet®, the nation’s largest developer of transitional care properties, has purchased 3.65 acres at Algodon Medical Office Park for $1,726,304 in West Phoenix for creation of a transitional care and assisted living center.

Mainstreet® began construction in Mid‐February on a Next Generation® property at the site, which is located on the southwest corner of 91st and Pinchot avenues, just north of Thomas. The transitional care center will provide short‐stay rehabilitation and therapy, as well as assisted living in a service‐rich environment. The company plans to complete the development in February 2017.

The company will develop a 67,697‐square‐foot building that will contain 94 beds. The property will boast hospitality‐oriented care with amenities such as a large therapy gym, an outdoor rehabilitation courtyard, a game room, a spa, a movie theatre, an outdoor terrace on the second floor and dining with an on‐site chef.

“From day one, the community of Phoenix welcomed Mainstreet with open arms,” said Chris Alexander, Mainstreet’s senior development director. “We are excited to be developing our latest transitional care center in this location, and look forward to being a part of this community for many years to come.”

In addition, Kids Inc. has purchased a pad at Algodon Retail Center for development of a childcare facility. The childcare provider purchased a 55,127‐square‐foot site for $700,000 at the northwest corner of 91st Avenue and Thomas Road, at the adjacent retail center to the new Mainstreet® site. The company will start construction next month and is hoping to open its 13,000‐square‐foot center by the end of summer. For more information about the center design, visit http://kidsinclearningcenters.com/

“We are excited to welcome Mainstreet and their quality facility to the Algodon Medical Office Park, “ said Justin Miller of Novo Development, the company entrusted with development, sales and leasing of Algodon Medical Office Park. “The addition of a day care facility to the development creates a unique asset for the employees in and around Algodon Center. Additionally, Novo Development is in plans for approximately 42,000sf of for sale medical office buildings with delivery in 2017. This momentum at the site parallels the continued growth of the healthcare sector and with shovel ready sites available, Algodon Medical Office Park is poised for future growth.”

Justin Miller and Kurt Rosene of Novo Development represented John F. Long Properties in the sale of the parcel to Mainstreet®. Bob Neil and Sam Pollina with Realty Executives represented the buyer. The Eisenberg Company owns Algodon Retail Center. Kids Inc. represented itself in the purchase of the pad.

The Algodon Center site bisects Loop 101 and stretches from Thomas Road to Campbell Avenue, just south of Camelback Road. Its 1,000 acres will be developed into a Class A corporate campus. A variety of commercial uses will be developed in the park. The first phase is the 160 acre Algodon Medical Office Park situated at the northeast corner of the Loop 101 and Thomas Road, directly across Thomas Road from Banner Estrella Hospital. The development will include medical office buildings, as well as “Class A” corporate office users. It currently has a retail center and an 80,000‐square‐foot medical office building.

Media Contact: Robin Vitols – (602) 810‐4120
robinvitols@me.com

pdf-icon-100x100