Menlo Group completed the sale of a 28,834 sq. ft. Phoenix medical and office building.
Tempe, Ariz. — Menlo Group Commercial Real Estate has announced the sale of the McDowell Professional Plaza. The 28,834 sq. ft., multi-tenant medical and office building sold for $3.1 million ($107.50 PSF) .
The McDowell Professional Plaza is located at 1301 E. McDowell Rd. in Phoenix, immediately adjacent to Banner-University Medical Center, the largest hospital in Arizona. The property is also located within an opportunity zone.
The building is situated on 1.22 acres of land and includes a 3-story parking structure. The building was 42 percent occupied at the time of the sale.
The seller, SWA Holdings Arizona, LLC, purchased the two-story property in 2006. The seller recently enlisted Menlo Group advisors Steve Berghoff, CCIM, and Stuart Milne, CCIM, to broker the sale.
“My partner and I like doing business with Menlo Group,” said Zack Saliba of SWA Holdings Arizona. “We find Stuart and Steve to be highly professional and capable, and they bring results.”
1301 E. McDowell, LLC, purchased the property as part of a 1031 exchange. The buyer was self-represented on the transaction.
“We’re pleased to see this off-market sale come to a successful close,” Berghoff said. “We appreciate the trust the owners have put in our team.”