5910 N La Cholla Blvd. Tucson (courtesy photo)
5910 N La Cholla Blvd. Tucson (courtesy photo)

Taking advantage of low interest rates and costs, spurred by a rising economy and looking to the future, physicians in Northwest Tucson are finding it an ideal time for medical office expansion.

Tucson Endocrine Associates (Dr. Alexander Zwart and Dr. David Alster) purchased the 4,190-square-foot medical building at 5910 N La Cholla Boulevard in Tucson for $920,000 ($219.57 PSF). Wanting to expand from its current 2,719-square-feet office at 6050 N Corona Road and stay within the Northwest Medical Campus area Tucson Endocrine Associates sold its Corona building in March to Sonoran Behavioral Health Hospital in a reverse 1031 exchange, with USGE Holdings of Arizona XXII LLC facilitating.

Tucson Endocrine Associates is one of many healthcare providers expanding, contributing to a boon in medical office sales in Northwest Tucson. Doug Marsh with Oxford Realty Advisors in Tucson told us this was the third time he had sold the building at 5910 N La Cholla Blvd and represented the seller, Four Legged LLC in this transaction.

“Business-smart physicians are looking to the future,” said Marsh, “for some, the timing is right for expansion. In addition to low interest rates and construction costs, a large selection of buildings that once housed failed businesses are for sale or lease.”

Such was the case with the office condo at 1631 West Ina that had never been occupied and was sitting vacant, in shell condition, for many years waiting for the right occupant.

Four Legged LLC (Jeanette K Wend, trustee) dba NNS Clinical Research, a neuroscience research clinic, sold the 5910 N La Cholla building for expanded space in 7,462-square-feet at 1631 West Ina Road, Tucson that was bought in December 2014. The tenant improvements of the West Ina building having been shell condition, took a bit longer than expected and postponed the move for not only Tucson Endocrine Associates but also the Sonoran Behavioral Health expansion into their new location.

Once TI’s are complete, all the parties should be prepared to shuffle into new places.

David Volk and Bruce Suppes with CBRE in Tucson represented the buyer at 5910 N La Cholla Blvd, Tucson Endocrine Associates; while Doug Marsh and Lori Casey of Oxford Advisors represented the seller, Four Legged LLC.

Dean Cotlow of Cotlow Company represented the seller, Amigo Properties, at 1631 W Ina Road and Doug Marsh represented the buyer, Jeanette K Wendt for NNS Clinical Research.

The buyer and seller of 6050 N Corona Road were self-represented in that transaction.

For more details on the sale of 6050 N Corona Road, Tucson see RED Comp #2761, details on 1631 W Ina Road, Tucson see RED Comp #2308. For additional information on the sale of 5910 N La Cholla Blvd, see RED Comp #1402 and #2888.

 

 

 

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