PHOENIX, ARIZONA – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Arizona Digestive Health and Phoenix Endoscopy, a 11,760-square-foot two-tenant medical office property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $4.3 million ($366 PSF).
“We received seven competitive offers resulting in the bidders pushing price and providing favorable terms to the seller,” said Alan Laulainen, investment specialist in Marcus & Millichap’s Phoenix office. Laulainen, Chris Lind and Mark Ruble, investment specialists also in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “Ultimately the property traded at a level that accomplishes the goals of the seller and provides the buyer with an outstanding, long-term investment. The buyer, a 1031 exchange buyer out of California, plans to hold the asset for investment and extend the current lease terms,” Laulainen explained. This was the third commercial acquisition for the buyer in the Phoenix MSA.
Arizona Digestive Health and Phoenix Endoscopy is located at 349 East Coronado Road in Phoenix. This asset was built in 2003 on 1.07 acres and is 60 percent medical office and 40 percent licensed surgery center. There are five hospitals within a three-mile radius of the property and over 391,000 residents within a five-mile radius. Households are projected to increase by over 13 percent in the immediate area by 2024.