Orange Grove Medical Center, a 40,782 total square foot multi-tenant office building, sold for $3 million ($73.56 PSF). The property is located on the southeast corner of Orange Grove Road and La Cholla Boulevard in Tucson. Constructed in 1988, the medical center sits on fee ground at the Northwest Medical Center Campus and was approximately 51% occupied at close of escrow.
The property was sold by a $2.5 billion publicly traded healthcare REIT, HR Acquisition | Corporation, a subsidiary of Healthcare Realty Trust, Inc. Principals Scott Douglass and William Metzler with SOD Brookside LLC, WRM Brookside LLC, and PVP Investments LLC/West Coast Capital Partners purchased the property. West Coast Capital Partners (WCCP) is a privately held commercial real estate investment firm founded in 1993. They have offices in Los Angeles, CA and Scottsdale, AZ. WCCP has acquired, repositioned and disposed of over $1 billion in commercial assets in Southern California, and the Phoenix, Tucson and Las Vegas Metro Areas.
Braxton Glass, Vice President at ORION Investment Real Estate, negotiated the transaction. Glass stated, "The Orange Grove Medical Center acquisition aligns ideally with West Coast Capital's core strength of repositioning underperforming office and medical office assets. It also represents the firm's third acquisition at the Northwest Medical Center Campus. The firm acquired Desert Life Medical Plaza and La Cholla Medical Center in 2004 and 2005 respectively, and then completed the successful disposition of both assets to Healthcare Trust of America in 2007 upon stabilization."
To learn more see RED Comp #3300.