Phoenix, Arizona – GPE Commercial Advisors, one of the oldest privately owned commercial real estate firms in Arizona, secured the sale of a 2,800-square-foot office medical condo located at 10750 West McDonald Road, Suite B210 in Avondale. The property commanded a sale price of $700,000 ($250 PSF) and an 8.2% CAP rate based on income at time of sale.
Rubystone LLC, the investor, closed escrow with a 1031 exchange on the condo.
GPE Commercial Advisors’ Senior Vice President, Bret Isbell represented the seller, McDowell Asset Management, LLC. Tom Kuffler of Civic Asset Management, Inc. represented the buyer.
The medical condo is currently occupied by Select Medical Physical Therapy, with a multi-year lease.