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May 22, 2019
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Exchange Investor Trades into 10.5k sf AZ Medical Office Asset


32nd Street SurgiCenter, a fully occupied, 10.5k sf medical office building in Phoenix, sold for $2.8 mil ($267/sf).

Built in 1978 and fully renovated in 2008, the one-story property is located at 10255 N. 32nd St and is fully occupied by two medical tenants, Laser Surgery Holding Company and Jasper Tudor LLC. The property is well-located near State Route 51 and Shea Blvd.

Julie Johnson and Alexandra Loye with Avison Young represented the seller, ST Real Estate LLC. The buyer, a private trust, purchased the property as part of a 1031 exchange. The closing cap rate was 7.9% and the price per square foot was approximately $267.

“This asset had a considerable amount of investor interest and offers, and was marketed for approximately 90 days before going into escrow,” comments Loye. “The medical office investment market in the greater Phoenix region remains strong as population and job growth continue their upward trajectory.”

Johnson adds, “Specialized medical properties offering on-site outpatient surgery centers, like this one featured, are in high demand for investors who are seeking stability and solid, cash-flowing opportunities.”

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