Medical Building across from Chandler Regional Medical Center Offers Attractive Opportunity for 1031 Exchange
Chandler Medical and Dental Center, Building B has been sold to a Tempe-based investor as part of a 1031 Exchange transaction. The 84%-leased medical building offers an attractive investment opportunity within a strong market area. The property is located at 655 S. Dobson Rd., just south of Chandler Regional Medical Center, the area’s Level 1 trauma center hospital and medical campus.
The two-story building, which was constructed in 2001, offers a variety of medical and dental suites. It is part of a two-building medical complex. This transaction involved a 22,537-square-foot office building and a portion of the undivided 3.42-acre common area within the condominium-structured development. Building B is leased by five tenants that include Dignity Health Medical Group family practice and a physical therapy practice that operates in partnership with Banner. It has one vacancy of 3,667 square feet.
“Greater Phoenix has become a hub for the healthcare industry,” says Mindy Korth, executive vice president of Colliers International in Arizona. “Since 2002, the number of healthcare jobs in the Valley has grown three times the pace of the national average. The East Valley will remain a dynamic focal point for medical services and this property should continue to be fruitful as an investment.”
Chandler Medical and Dental Center, LLC purchased the medical building as part of a 1031 Exchange transaction. A partnership formed by McDowell Enterprises of Scottsdale was the seller. Korth and Sean Westfall of Colliers International in Arizona represented McDowell Enterprises in the sale. Korth and Westfall, assisted by Matt Roach and Chris Roach of Colliers International in Arizona, also represented the buyer.
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