PHOENIX, ARIZONA (June 14, 2024) – NAI Horizon facilitated the $7.3 million sale of Chandler Medical Center, a 22,591 SF multi-tenant medical office building located at 655 S. Dobson Road in Chandler, Arizona. The sale price fetched $323.14 per SF.
NAI Horizon Executive Vice President Lane Neville, Senior Associate Cole Neville and Associates Brandon Hall, Whitney Heritage, and Matt Westra represented the seller, Chandler Medical Property Company LLC (Tolis Advisors) from New York City, NY. The buyer, Provider Real Estate Partners Fund I, L.P. from Cleveland, Ohio, was self-represented.
“This was a full circle brokerage moment for our NAI Horizon Healthcare Advisory Group. We sold the property to Tolis Advisors in January 2020, representing a CMBS Special Servicer. After the Tolis acquisition, they hired our MOB team to lease the property, along with our strong NAI Property Management division. We stabilized the property performance, raised average rental rates to market and leased up the property to 100 percent occupancy, now our team just successfully sold the property again,” Lane Neville said.
“Both of our sales of Chandler Medical Center were done through our national competitive bid sale process. Through our proprietary sale process, we maximize value in the least amount of time for our seller. The competitive sale situation creates the best advantages for our sellers and helps with surety of the transaction closing,” Lane Neville said.
Chandler Medical is strategically located adjacent to Dignity Health’s 429-bed Chandler Regional Medical Center. Chandler MOB sub-market conditions remain very strong. Rising rents and low vacancy rates provide a financially healthy and stable environment for commercial real estate investment in medical space in Chandler.
For additional information on medical office properties or the NAI competitive bid sale process, contact Lane Neville at [email protected].