For Immediate Release
Cushman & Wakefield’s Healthcare Capital Markets Team Advises Sale/Leaseback of Class A Medical Facility in Phoenix Suburb
State-of-the-art facility occupied by Southeast Valley Gastroenterology and Endoscopy groups
CHANDLER, Ariz., November 2, 2020 – Cushman & Wakefield today announced the firm has brokered the sale/leaseback of the Southeast Valley Gastroenterology & Endoscopy Center in Chandler (Phoenix), Arizona. The Class A asset consists of a state-of-the-art medical office building originally constructed in 2008 as a build-to-suit for Southeast Valley Gastroenterology (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.
Southeast Valley Gastroenterology sold the property to Nashville-based Montecito Medical Real Estate, one of the largest privately held acquirers of medical real estate in the country. Subsequently, the group signed a long-term leaseback for the entire 20,084-square-foot property located at 875 S Dobson Rd with plans for a future second-phase takedown on a planned expansion to the building.
Devpal Gupta, Executive Director of Cushman & Wakefield’s Phoenix office, collaborated with Travis Ives, Gino Lollio and Scott Niedergang of Cushman & Wakefield’s U.S. Healthcare Capital Markets Team to represent 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 Travis Ives, Managing Director. “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.”
Devpal Gupta said, “Chandler has been one of the fastest-growing cities since the 1990s and healthcare services have remained an important growth segment to serve the residents of this market. The Southeast Valley Endoscopy Center is growing its presence in the valley and is currently one of the busiest centers in the market. Part of the proceeds from this sale will go towards a planned modernization and expansion by the group that will add procedure rooms and more recovery beds allowing the center to increase case volume.”
Since the onset of the pandemic, the Cushman & Wakefield U.S. Healthcare Capital Markets Team has now closed 10 transactions approaching $120 million across the country.
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 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Media Contact:
Joshua Deale
Cushman & Wakefield
Communications Manager
West Region
Mobile: +1 408 806 4005
joshua.deale@cushwake.com
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