Las Palmas Medical & Dental Plaza, 16620 N. 40th Street, Phoenix

In February 2006, a VJ partnership purchased a group of nine small medical buildings totaling approximately 55,735 square feet on 5.63 acres adjacent to Paradise Valley Hospital in Northeast Phoenix. 'Las Palmas Medical & Dental Plaza' was 87 percent leased at opening of escrow and prior to closing, a long-term lease was signed with a new tenant, bringing it to 90 percent leased. A phased capital improvement project to re-roof all nine buildings was completed during the first year. The hospital is undergoing a $46 million renovation and expansion, which will ensure high occupancy levels, since many newer projects in the area, not within walking distance to the hospital as this one is, will demand higher rates. Additionally, since the buildings were purchased at a substantial discount from replacement cost and are each separate parcels, there will be the possibility of selling them as medical condominiums.

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