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1/09/26
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Albany Road Real Estate purchased a 41.3k sf, medical office property in Paradise Valley, AZ for $9.85 mil ($240/sf). The seller was Shea and Tatum LLC.
Constructed in 2000, the building is located at 4530 East Shea Blvd, east of Hwy 51 in the greater Phoenix area. At the time of sale, the property was 91.9% leased to a diverse mix of local, regional and national medical and professional tenants.
CBRE’s Geoffrey Turbow, Matt Pourcho and Anthony DeLorenzo represented the seller in the deal.
"This sale signals a broader trend: office properties with medical conversion potential are driving renewed interest and capital flow. The buyer’s plan to reposition the asset, supported by a new medical lease signed during escrow, underscores the viability of this strategy and sets the stage for future cap rate compression," noted Turbow.
According to research, the medical office sector in metro Phoenix has demonstrated strong performance, with an 11.5% vacancy rate and 512k sf of net absorption over the past 12 months.
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