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4/14/21
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A 1031 exchange investor from New Jersey paid $9.5 mil for a 13.4k sf ($709/sf) medical property leased to Fresenius Medical Care in Phoenix. The dialysis facility, located at 450 South Gilbert Rd, was sold by a Southlake, TX-based developer.
The build-to-suit facility was constructed on 2.01 acres in 2019 and is in close proximity to three major hospitals including Mercy Gilbert Medical Center. The asset features a long-term net lease with annual increases.
Jason Maier of Stan Johnson Company represented the buyer in the deal. The transaction closed at a 5.01% cap rate. According to Maier, the buyer was putting together a portfolio and was seeking diversification.
“Arizona is a tremendous growth market with a significant amount of medical office development,” said Maier. “And while there are some great operators in the medical space, very few have investment grade credit. We were able to justify the compressed cap rate due to the strong lease guarantee combined with the property’s new construction and overall quality of the real estate.”
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