Shea Medical Plaza
When Irgens acquired Shea Medical Plaza, a 42,439 square foot, single-story medical office building, the property had been minimally managed for nearly two years and required an intensive capital improvement plan with an emphasis on quality property management. The owner had filed for Chapter 11 Bankruptcy, and a court appointed liquidating trust was created to dispose of the asset, which Irgens purchased for $6,500,000.
Originally built in 1999, Irgens owns, leases and serves as property manager for the complex, including undertaking a complete overhaul of property signage to re-identify tenants with community. At the time of acquisition, current tenants required an emphasis on accountability through management to regain confidence in the building. This was critical as multiple lease extensions were required for closing.
The property is an ideal strategic acquisition as it is conveniently situated near Scottsdale Healthcare, Shea and Osborn hospital campuses in an area with highly desirable market demographics. Irgens aims to restore it as one of the Valley’s premier off-campus medical offices complexes.