PHOENIX — Mainstreet, a seniors housing developer based in Indiana, has purchased 3.65 acres in Algodon Medical Office Park in West Phoenix for $1.7 million. The company is building a 94-bed rehabilitation and assisted living facility at the location.
When completed, the community will comprise 67,697 square feet of space for short-stay rehabilitation and assisted living. Mainstreet expects to finish construction in February 2017.
Novo Development, which developed Algodon Medical Office Park and sold the plot to Mainstreet, is currently building 42,000 square feet of new medical office buildings at the site, also due for delivery in 2017.
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.