CBRE Completes Record-Breaking Medical Office Sale in Yavapai County

CBRE has completed the sale of Thumb Butte Medical Center, a ±12,000 square-foot Class-A medical office building located at 3124 Willow Creek Rd. in Prescott, Ariz. The property commanded a sale price of $4.5 million, or $375 per square foot, a new high-water mark for a medical office building sale in Yavapai County, Arizona.

The building is 100 percent leased to Thumb Butte Medical Center, PLLC and Ali Askari, MD PC.

 

Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office represented the seller, Dr. Hosn Hojatollah Askari of Prescott, Ariz., who signed a long-term NNN lease and will remain a tenant in the building.

 

“Thumb Butte Medical Center’s best-in-class healthcare design and sleek architecture coupled with the population growth and aging demographics in the Quad City area drew significant investor interest, ranging from high net worth private investors to institutional REITs,” said Fosberg. “There is tremendous demand for Class-A boutique medical office space in accessible and amenity-driven locations due to strong long-term fundamentals in the healthcare space.”

 

Fosberg continued, “The sale price of $375 per square foot makes this the highest transaction on a price per square foot for a medical office building in Yavapai County history.”

 

The buyer, GMR Prescott, LLC, a Delaware limited liability company handled the sale in-house.

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