PHOENIX, ARIZONA — MBC Revocable Trust of California traded into the purchase of a 12,474-square-foot medical office building at 3033 West Bell Road, Phoenix, AZ, from 3033 West Bell, LLC, the seller. The transaction was the buyer’s upleg in a 1031 exchange. The property commanded a sale price of $2.225 million ($178 PSF).
A one-story medical office located at the northwest corner of 31st Avenue and Bell Road in the Black Canyon Corridor of Phoenix, AZ. The property was constructed in 1987 and configured for multi-tenant use. Arizona Sports and Spine Physicians, Arizona Arthritis and Rheumatology and Fifth Avenue Gynecologists occupied the full building at time of sale. All long-term tenants, two of which have been there for 20+ years.
An investment sale, the property leases with full-service terms and sold above a 7% cap rate.
Robert J. Nolan of Oxford Realty Advisors in Tucson represented the buyer told us the building was in good condition, was well maintained and sold without deferred maintenance.
Mike Coover of Cushman & Wakefield Phoenix represented the seller in the transaction.
For more information, Nolan can be reached at 520.232.0200 and Coover can be contacted at 602.224.4473.