TUCSON, ARIZONA -- Two medical buildings at 2396 and 2404 E River Road in Tucson, fully occupied by Pima Heart & Vascular, sold for $9.26 million ($390 PSF). The transaction closed on June 17, 2022.
The 23,746 square feet of improvements were built in 2009 on 1.83 acres. The seller, MED Properties, LLC is an investment group comprised of 9 member doctors that practice at Pima Heart. Alan Laulainen with Ascension Advisory of Scottsdale represented the seller.
“The property had great appeal as we received 8 or 9 full price offers in the first week on the market,” Laulainen said. “It was a perfect fit for the buyers coming out of a 1031 exchange, that we priced right with a strong cap rate and a strong tenant.”
The buyer, S Wilson UpTown, Inc., Eric and Stu Wilson of San Diego, CA had previously been multifamily sector investors. This is their first branching out into the office net lease market. Jim Ashcraft of Ashcraft Investment Services in California represented the buyer.
For more information on this transaction, Laulainen should be reached at 480.310.7974.
To learn more, see RED Comp #9953.