Cassidy Turley, a leading commercial real estate services provider in the U.S., has announced the successful sale of a ±49,816-square-foot medical office building at 555 North 18th Street in Phoenix’s Downtown Submarket. San Francisco-based Stockbridge Funds purchased the property for $8.45 million ($169.62 per square foot) from Chicago-based Heitman Real Estate Investment Management.
Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer and seller.
Built in 2006, St Luke’s Medical Building is a multi-tenant medical office project on 5.63 acres. The property is located north of Van Buren Street on 18th Street, adjacent to St. Luke’s Medical Center and one-half mile from Interstate 10. St Luke’s Medical Building was 86% percent occupied at the time of sale. The new owner plans to hold the property and continue to lease-up the remaining space.