Phoenix, Arizona – CBRE has completed the sale of a 6,019-square-foot medical office building located in the Baseline Crossings Office Park at 8435 East Baseline Road in Mesa, Ariz. The property commanded a sale price of $1.46 million, or $243 per square foot.
Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office represented the seller, WCCP Baseline Crossings, LLC, an entity formed by West Coast Capital Partners (Bill Metzler & Scott Douglas, principals) of Scottsdale, Ariz. and Los Angeles, Calif.
“The combination of a long-term lease with American Vision Partners coupled with its location along Baseline Road in the fast-growing East Mesa submarket drove significant investor interest,” said Fosberg. “The attractive operating conditions in the medical office market have contributed to increased investor confidence in the sector compressing cap rates to historic lows throughout Metropolitan Phoenix.”
Fosberg continued, “Investor demand for single-tenant medical office buildings in amenity driven trade areas continue to see elevated demand due to strong long-term fundamentals in the healthcare space.”
The buyer, LJNJ Family, LLC, an Arizona limited liability company handled the sale in-house.