Phoenix, Arizona – Out-of-state investors seem to gravitate to the investment properties in Arizona and this property is no different. The Glendale single tenant medical building recently sold for $1,575,000 ($244.56 PSF) to California investor, Ric and Stephanie Jean Paul Trust.
The sale went under contract within 45 days of the listing at a 7% cap rate. SVN Desert Commercial Advisors, Jonathan Levy and Justin Horwitz represented the seller in the medical building sale transaction.
The property is located on 6206 W. Bell Road in Glendale, AZ. The property consists of two freestanding medical office buildings totaling 6,440-square-feet both occupied by Honor Health. This was a single tenant lease investment with Honor Health prior to the sale. The tenant is on a long-term lease so it was a great opportunity for the new out-of-state buyer to own a stabilized asset.
“The Arrowhead submarket has been strong for medical office properties over the past several years,” said SVN Advisor, Jonathan Levy.
Both of the parties involved were able to achieve their goals in the transaction. The seller Glenna Wheat with BLE, LLC was able to cash out of a strong and stabilized investment property, while the buyer completed the 1031 exchange into a property with improving cash flow.
The buyer was represented by Jim Zemezonak with Boulders Realty Advisors and Carol Rieger with Clear Title Agency of Arizona handled the sale transaction.