CBRE has completed the sale of Dobson Center, a mixed-use retail and medical office development located on the southwest corner of Frye Road and Dobson Road in Chandler, Arizona. Dobson Center encompasses ±41,546 square feet and is comprised of a freestanding Starbucks Coffee, a ±12,842 square foot hard corner retail center and a ±26,704 square foot, two-story medical office building.
The property commanded several offers and a sale price of $13.923 million, or approximately $335 per square foot.
Dobson Center, LLC, an entity formed by ZDI, LLC (Bill Kostrivas, principal) of Scottsdale, Ariz.
Developed in 2009, Dobson Center is prominently positioned directly across the street from Dignity Health Chandler Regional Medical Center and is ±97% leased to a complementary mix of national, regional and local tenants including: Starbucks, MomDoc, Sonora Quest, East Valley Internal Medicine, Pure Barre and Solis Mammography, among others.
“Dobson Center is an excellent example of a quality, mixed-use development in one of the fastest growing trade areas in Arizona,” said Fosberg. “The property drove significant investor interest and was sold at list price to a private California investor completing a 1031 exchange.”
“Medical office is a resilient sector, able to weather economic downturns and the major political and technological changes that have shaken up the health care industry in recent years. The seller did an excellent job of finding a complementary mix of medical and retail tenants, drawing off the property’s close freeway access and adjacent hospital exposure,” continued Fosberg.
Marilyn Kidd of Coldwell Banker Commercial represented the buyer, Philip T. Landry and Donna L. Landry Family Trust of Westlake Village, Calif.