GILBERT, AZ.— Capital Asset Management, Phoenix, has announced the successful sale of The Forum at Gilbert Ranch office complex for $9 million ($97.36 PSF). Located at Val Vista and Williams Field, the project is comprised of 92,440-square-feet on 6.5 acres. Left in turmoil, The Forum at Gilbert Ranch was a victim of the 2008 recession. With the original developer unable to complete the remaining construction, Capital Asset Management helped facilitate the completion of the project while at the same time creating value by adding to what will equate to over 23,000-square-feet in leases.

Capital Asset Management represented the seller, FNBN Forum LLC, a company formed by Sorenson Group Management LLC. The buyer of the property was EW Williams Field Associates, LLC. Prior to that sale, Capital Asset Management leased the adjacent retail component of the Forum at Gilbert Ranch from 35 percent occupancy to 100 percent, selling the property last year for $6.8 million.

This sale followed on the heels of the sale of the iconic Plaza at Squaw Peak office complex, a 428,000-square-foot property that sold in late December for $25 million and a Three Shopping Center Multi-State Portfolio sale of properties in February for $5.25 million.

Capital Asset Management is setting the bar high for the rest of 2015. All three deals were brokered by Jason Hersker, Stephen Herman, Scott Smith, and Rachael Cisco of Capital Asset Management.

To learn more Hersker, Herman, Smith, and Cisco can be reached at 602.314.5549.

 

Phoenix is about to get a new psychiatric hospital. Quail Run Medical Office Building at 2545 West Quail Avenue in Phoenix sold to UHS of Phoenix, LLC for $7.4 ($110 PSF). The property is a 67,324-square-foot, Class-A, four-story office / medical shell building on 5 acres. It was constructed in 2008, and has been in shell condition since original construction.

Located just north of Loop 101 off the I-17 freeway, the hospital will be in close proximity to John C. Lincoln Hospital and deer Valley Hospital. The buyer, an affiliate of Universal Health Services, Inc. of King of Prussia, PA, purchased the property to finish for a psychiatric hospital.

Universal Health Services, Inc. (UHS) is one of the nation’s largest and most respected healthcare management companies, operating through its subsidiaries, behavioral health facilities, acute care hospitals and ambulatory centers nationwide, in Puerto Rico and the U.S. Virgin Islands. UHS was founded in 1978 by Alan B. Miller, chairman and CEO, and today has more than 65,000 employees. UHS maintains one of the strongest balance sheets and is rated amongst the highest in the hospital services industry by Moody’s and Standard & Poor’s. This strong capital position has enabled the company to develop and acquire many new facilities over the past few years.

The UHS strategy is to build or purchase healthcare properties in rapidly-growing markets and create a strong franchise based on exceptional service and effective cost control. UHS owes its success to a responsive management style and to a service philosophy that is based on integrity, competence and compassion.

The healthcare industry remains a place of rapid change and uncertainty. But with strength, experience and foresight to chart its own course, UHS has every reason to face the future with optimism.

The seller, Capital Asset Management of Phoenix (Aaron Strole, manager) had acquired the property in an REO sale from Starwood Capital.

Tim Dulaney of Colliers International in Phoenix represented the buyer in the transaction and the seller was self-represented.

For more information, Dulaney can be reached at (602) 330-4468. Capital Asset Management is at (602) 489-7990.