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June 22, 2024
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Montecito Medical Real Estate Buys AZ Medical Office Facility


Nashville-based Montecito Medical Real Estate purchased Southeast Valley Gastroenterology & Endoscopy Center, a 20.1k sf medical office facility in Chandler, AZ. The asset was sold by Southeast Valley Gastroenterology (SVEG), who inked a long-term leaseback for the entire property with plans for a future second-phase takedown on a planned expansion to the building. According to public records, the sale came in at $9.72 mil.

The Class A asset is located at 875 S Dobson Rd. It consists of a state-of-the-art medical office building originally constructed in 2008 as a build-to-suit for SVEG, an academically-oriented physician group that specializes in the diagnosis, treatment and prevention of gastrointestinal diseases. In addition to clinical space for SEVG, the property is also home to Southeast Valley Endoscopy Center.

Devpal Gupta, Travis Ives, Gino Lollio and Scott Niedergang with Cushman & Wakefield represented Southeast Valley Gastroenterology in the transaction.This is the third medical office sale the team has completed together in the Phoenix market over the last two years.

“Phoenix has one of the most active medical office markets in the country right now with an abundance of capital looking for investment opportunities,” said Ives. “Investors are drawn to the region’s strong population growth and diversified economy with favorable payor demograhics. On the numerous transactions we’ve been involved with recently in the Arizona market, we’ve seen tremendous interest from a wide variety of capital.”

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