Phoenix, Arizona – CBRE has completed the sale of a 6,162 square-foot medical office building located in the Brookside Office Park at 11851 North 51st Avenue, Building B, in Glendale, Ariz. The property commanded a sale price of $2.195 million, or $356 per square foot.
The building is 100 percent leased to Neighborhood Outreach Access to Health (N.O.A.H.), a subsidiary of HonorHealth, on a long-term triple-net lease.
Andrew K. Fosberg and Dylan A. Brown with CBRE’s Phoenix office represented the seller, SOD Brookside, LLC/WRM Brookside, 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 N.O.A.H coupled and its location within the Brookside Office Park 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.”
Thomas Spilsbury of TS Commercial represented the buyer, Pacific Coast Cycle Corporation of San Jose, Calif.