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September 23, 2020
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AZ Medical Office Property Picked Up By Out of State Investor


Spectrum Medical Commons, a 43.4k sf medical office building in Gilbert, AZ, traded hands between two Wisconsin-based real estate firms in a $17.75 mil ($409/sf) transaction. The Class A property, located at 3367 S. Mercy Rd, is situated adjacent to Mercy Gilbert Medical Center and multiple nearby medical office parks.

The building features a modern surgery center with prominent building signage and near-immediate access to a full interchange at Val Vista Drive and the Loop 202 freeway. It is minutes from San Tan Village Mall, Main Street Commons and other major shopping and retail centers.

Hammes Partners, a private equity platform focused exclusively on the U.S. healthcare real estate market, purchased the asset from Irgens, a commercial real estate development firm. Brian Ackerman with JLL was involved in brokering the transaction. According to Ackerman, the building has stable tenancy anchored by multiple long-term leases.

According to JLL, demand for metro Phoenix medical office space has driven vacancy rates down by 33% since 2010. And while the Southeast Valley including Gilbert is experiencing the greatest amount of new medical office construction, currently at more than 300k sf, it is also among the most attractive for rental rates and in high demand from a growing population.

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