Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has negotiated the $1.66 million sale of a vacant 9,816-square-foot medical office building in Tempe, AZ.
Avison Young Principals Julie Johnson and Alexandra Loye, based in the company’s Phoenix office, represented the seller, Fenix Development, Inc. The buyer, Avalon Broadway, LLC, was represented by Deonise Real Estate Services. The buyer is planning a redevelopment of the site; however, no further details have been announced to date.
Built in 1984, the property is located at 433 West Broadway Road. CIGNA Medical Clinic was the previous owner and tenant, and vacated the property about 12 months ago.
“Our Avison Young team marketed the property to a wide range of medical users as well as investors and alternative users, both locally and nationally,” comments Johnson. “This asset features strong real estate fundamentals, including a high parking ratio, access, frontage and visibility.”
The property is located South of Tempe’s St. Luke’s Medical Center and Arizona State University and is less than two miles from I-10, US 60, and Loop 202.