1031 Exchange Buyer Sees Value in Midtown Medical Market
PHOENIX, ARIZONA – An ambulatory surgery center at 3525 N. Central Ave. has been sold to a private investor from California. The sale is the latest real estate transaction to take place in the dynamic, growing medical hub of Midtown Phoenix.
The Central Corners building contains 5,734-square-feet of space, including two operating suites, medical space and administrative offices. Keith Ricker, a Phoenix-based lawyer/developer, completely redeveloped the site in 2020 for Advanced Pain and Spine, which serves as the single tenant for the property.
“We are very pleased to provide an essential medical facility on a long term, absolute net lease for our client,” says Mindy Korth with Colliers in Arizona. “This asset provides our California-based private investor with an opportunity to satisfy 1031 exchange requirements.” Korth handled the sale transaction.
“Ambulatory surgery centers are in very short supply in Midtown Phoenix,” says Korth. “This property was developed by Advanced Pain and Spine to serve their comprehensive, interventional pain practice. We approached the owners to determine interest in a sale leaseback on behalf of our 1031 investor client. This made a great business transaction for both parties.”
Advanced Pain and Spine offers individualized patient treatment programs driven by an outcomes program developed by their own physicians. The multidiscipilinary physicans are Board Certified specialists.