GILBERT, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 5,514-square foot medical office property located at 1744 East Boston Street in Gilbert, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,800,000 ($326 PSF).
The buyer, an individual/personal trust, was procured by McAlister Cleary and Kelly F. O'Dea, investment specialists in Marcus & Millichap’s Phoenix office. “The seller, looking to move on to other ventures, sold the property as an owner-user and moved out at the close of escrow,” Cleary explained. “Our buyer, who owns pain clinics throughout southern California, was attracted to the demographics surrounding the property as well as the proximity to the hospital,” he added. “He chose this property to enter the Arizona market with and occupy as another pain clinic.
This medical office was built in 2008 and is located within the Boston Professional Villages alongside a few other medical offices. Both the SanTan Village and SanTan Village Marketplace shopping malls are within a mile of the property and the Loop 202 freeway is just a mile east. Down the street to the west are multiple family medicine, dental, and specialist offices within Spectrum Falls Professional Park. Approximately 285,338 people reside within five miles of the subject property, and the average household income within a one-mile radius is higher than the average at about $128,260 per year.