Colliers Secures Multi-offers and Successfully Sells Retail Property as Medical Opportunity
Phoenix, Arizona – A 15,286-square-foot free-standing building formerly occupied by Walmart as their failed Marketside grocery concept has been sold for $2,525,000 ($165 PSF) and will be repurposed as a multi-specialty outpatient ambulatory surgery center. The Gilbert property located at 838 W. Elliott Rd. was marketed and sold by Alexandra Loye and Julie Johnson of Colliers International in Arizona.
“The property had been marketed for retail use for over a year and wasn’t getting any traction. It was clear to our team that the highest and best use for the property would be healthcare,” says Alexandra Loye, Senior Vice President of Colliers International of Arizona. “Within two months of marketing the property, we had multiple-offers from medical buyers and were able we sell the property at 94% of asking price setting the high sale comp for this type of building in the market.”
Loye and Julie Johnson of Colliers International in Arizona represented the seller, Spear Investors, LLC.
The 15,286-square foot free-standing building was constructed in 2000 and remodeled in 2008. Situated on 2.07 acres of land, the property was formerly occupied by Walmart. This transaction exemplifies an overall trend of converting vacant free-standing and big box retail space for alternative uses.