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4/11/25
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MLL Capital has purchased a healthcare real estate portfolio consisting of two single-story medical office buildings in Tucson, AZ for $6.15 mil. The portfolio consists of the Riverstone Medical Plaza and the Green Valley Medical Plaza, totaling 42.7k sf ($144/sf) of space.
Riverstone Medical Plaza is located at 4892 North Stone Ave in Tucson and consists of a 19k sf, freestanding single-tenant medical office building on nearly two acres. The building is 100% leased to Tucson Physician Group Holdings LLC, a wholly owned subsidiary of Carondelet Health Network, Tucson’s oldest and largest health system. The location serves as outpatient clinics for the system providing primary care, orthopedics, cardiology and imaging services. The building was built in 1998 and renovated in 2018.
Green Valley Medical Plaza is located at 1055 La Canada Dr in Green Valley, a popular retirement community just south of Tucson, and consists of a freestanding multi-tenant medical office building totaling 23.7k sf on nearly three acres. Originally built in 1992, the building is currently 98% leased to several small healthcare users.
The seller, Northwest Healthcare Properties, was represented by Travis Ives, Gino Lollio and Tyler Morss of Cushman & Wakefield’s U.S. Healthcare Capital Markets Team in collaboration with Tom Nieman and Bryce Horner of Cushman & Wakefield | PICOR in Tucson, who provided local advisory.
“This is an attractive healthcare portfolio of two quality single-story medical office buildings located in strong markets with a limited supply of competing space where healthcare remains in high demand,” noted Ives.
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