Cushman & Wakefield announced today a 39,305-square-foot (sf) portfolio consisting of three medical office buildings in the cities of Chandler and Gilbert, Arizona has sold for $16,100,000 ($410 PSF). The buyer was Global Medical REIT of Bethesda, Maryland. Cushman & Wakefield represented the anchor tenant and seller in the transaction, a local gastroenterology practice that will continue to operate out of the properties under a long-term sale/leaseback arrangement. The portfolio also included two endoscopy centers, one of which is owned and operated by a joint venture between local physicians, Dignity Health and national surgery center operator United Surgical Partners Inc (USPI).
Devpal Gupta and Peter Menna of Cushman & Wakefield’s Phoenix office collaborated with Travis Ives of the firm’s national Healthcare Capital Markets Team to represent the seller on the assignment. This marked the trio’s second medical office sale in the region, now with over 185,000 sf sold in the Phoenix MSA in less than six months. Gupta stated, “We have had a long-standing relationship with the medical community in Metro Phoenix and our relationship with the seller goes back a long way. As a premier GI practice, the seller is looking to grow its core business and exiting their real estate allowed them to focus on their continued growth plans.”
Additionally, Ives was recently involved in another large portfolio transaction earlier this year that included four medical office buildings totaling 287,539 square feet located in Roseville, California. Known as Parkway Corporate Plaza, the portfolio was purchased by a joint venture of Anchor Health Properties of Charlottesville, Virginia, and an affiliate of Morgan Stanley Real Estate. Ives collaborated with Cushman & Wakefield’s Seth Siegel and others from the firm’s Northern California Capital Markets group on that assignment to represent the seller, Broe Real Estate Group out of Denver, Colorado.
Ives commented that, “Growing demand from healthcare providers for new and expanded medical office space has translated into strong leasing fundamentals across most markets. This is especially true in strong growth markets such as Arizona and California. This trend has fueled investor appetite for medical office investment opportunities with far more capital chasing deals than the market can supply. The demand for quality medical office investments such as these is at all-time highs. This has allowed us to maximize value for our physician group and investor clients that seek to monetize their real estate holdings at an opportune time.”
According to Cushman & Wakefield’s Vital Signs: Healthcare Investor and Developer Survey report in November, driven by an aging American population and improving technology, the healthcare sector continues to grow even more rapidly than the overall economy, and medical office developers and investors are aggressively working to meet the subsequent demand.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit http://www.cushmanwakefield.com or follow @CushWake on Twitter. Media Contact: Joshua Deale Cushman & Wakefield Senior Communications Specialist Mobile: +1 408 806 4005 firstname.lastname@example.org
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE