ST Real Estate, LLC sells fully occupied medical office building to private trust
Phoenix, Ariz. – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $2.8-million sale of 32nd Street SurgiCenter, a fully occupied, 10,488-square-foot (sf) medical office building in Phoenix.
Avison Young Principals, Julie Johnson and Alexandra Loye, who are based in the company’s Phoenix office, represented the seller, ST Real Estate, LLC. The buyer, a private trust, purchased the property as part of a 1031 exchange. The closing cap rate was 7.9% and the price per square foot was approximately $267.
“This asset had a considerable amount of investor interest and offers, and was marketed for approximately 90 days before going into escrow,” comments Loye. “The medical office investment market in the greater Phoenix region remains strong as population and job growth continue their upward trajectory.”
Johnson adds, “Specialized medical properties offering on-site outpatient surgery centers, like this one featured, are in high demand for investors who are seeking stability and solid, cash-flowing opportunities.”
Built in 1978 and fully renovated in 2008, the one-story property is located at 10255 N. 32nd Street and is fully occupied by two medical tenants, Laser Surgery Holding Company and Jasper Tudor, LLC. The property is well-located near State Route 51 and Shea Boulevard.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.