Phoenix (January 9, 2026) – CBRE facilitated the $9.95 million ($241 PSF) sale of 4530 East Shea Blvd., a 41,276-square-foot medical office property located in Paradise Valley, Ariz. Albany Road Real Estate acquired the property.
CBRE’s Geoffrey Turbow, Matt Pourcho and Anthony DeLorenzo represented the seller, Shea and Tatum LLC, in the transaction.
“The property represents a turning point for office investment strategy in Arizona,” said Turbow, senior vice president at CBRE. “Despite market noise, investors and lenders are realizing that well-located office assets with strong buildouts offer compelling upside."
Built in 2000, the property at time of sale was 91.9% leased to a diverse mix of local, regional and national medical and professional tenants.
"This sale signals a broader trend: office properties with medical conversion potential are driving renewed interest and capital flow. The buyer’s plan to reposition the asset, supported by a new medical lease signed during escrow, underscores the viability of this strategy and sets the stage for future cap rate compression," added Turbow.
According to research, the medical office sector in metro Phoenix has demonstrated strong performance, with an 11.5% vacancy rate and 512,000 square feet of net absorption over the past 12 months.