Redyns Development LLC of Tucson (Harold Snyder, manager) bought a 15,000-square-foot office building at known as Fountains Plaza at 2070 W Rudasill Road in Tucson for $4.3 million ($287 PSF) in an all-cash transaction.
Fountains Plaza is a single-story medical office center (built 1998) consisting of approximately 14,976-rentable-square-feet on 1.47 aces. The building is 100% occupied by US Oncology on an Absolute NNN lease through December 2014. The tenant has recently remodeled their premises and expanded their leased space to the entire building. US Oncology is affiliated with over 1,000 physicians operating in more than 440 locations including 90 cancer centers and radiation facilities in 39 states.
The building is strategically located on the Northwest Medical Center campus which is a 300-bed, full service hospital with 1,800 employees.
David Montijo and Michael Sandahl of CBRE in Tucson represented the sellers, an investment group formed by Don Bourn, Fountains Medical Plaza Investors LLC of Tucson and BP Fountains Plaza LLC (Toufic Abi-Aad and Don Bourn, members).
The investor was represented by Russ Hall and Steve Cohen of Cushman & Wakefield of Tucson.
Montijo can be reached at (520) 323-5136 and Sandahl is at (520) 323-5115. Hall should be reached at (520) 546-2747 and Cohen is at (520) 546-2750, for more information.
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[mepr-show rules="58038"]Sale date: 5/1/2014. Sale price: $4,291,776. All cash deal. Property sold with a 7% cap rate.[/mepr-show]