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4/30/25
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A 1031 exchange investor closed on the all-cash purchases of two AZ single-tenant properties in deals totaling $5.65 mil. The acquisitions consisted of medical office building in North Phoenix and an industrial building in Tucson.
4735 East Union Hills, Phoenix |
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CBRE’s Geoffrey Turbow and Anthony DeLorenzo represented the sellers in both transactions. Kevin Quick was the buyer’s broker in the deals.
One of the acquisitions was the $3.25 mil purchase of an 8.6k sf ($378/sf) office building in Phoenix. The property, located at 4735 East Union Hills was built in 2003. It was sold by Phoenix Pediatrics, who will continue to occupy the building. Located off Tatum Blvd, the property benefits from easy access to essential services such as pharmacies, other medical specialists and emergency services.
The other deal was for a 13.7k sf industrial property at 102-120 West 29th St in Tucson. The property is fully leased to Tucson Foods Inc, who has a long-term lease on the property. Initially built in 1991 and 2001, the property was completely updated in 2021, featuring a modern design with a single-story layout. The property has three exterior docks and features 20-foot clear heights. Tim Healy also represented the seller, Diamond Ventures, in the $2.4 mil ($175/sf) transaction.
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