Payson Medical Office Sells for $2.45 Million

CBRE, Group Inc., has completed the sale of a 8,806-square-foot medical office building located at 1106 North Beeline Highway in Payson, Ariz. The property commanded a sale price of $2.45 million, or $278 per square foot.

The building is 100 percent leased to a diverse group of local and regional medical tenants.

 

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

 

“The property’s historical occupancy coupled with the population growth and aging demographics in Gila County drove significant investor interest, ranging from high net worth private investors to institutional REITs,” said Fosberg. “Investor demand for single-tenant boutique medical office space in visible and amenity-driven trade areas continue to see elevated fund allocations due to strong long-term fundamentals in the healthcare space.”

 

Fosberg continued, “The sale price of $278 per square foot makes this the highest transaction on a price per square foot for a medical office building in Gila County since 2004.”

 

The buyer, SCF RC Funding I, LLC, a Delaware limited liability company, was represented by Daniel Herrold of Stan Johnson Company.

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