FOR IMMEDIATE RELEASE
Phoenix, AZ (December 31, 2020) — Newmark announces the $2.6 million sale of a single-tenant, NNN, medical office building located at 2490 N. Litchfield Road Bldg. 13 in Goodyear, Arizona. The property was sold by principals that are physician owners also operating the Phoenix Nuerology & Sleep Medicine practice and sleep center at the property.
Newmark’s Managing Directors Trisha Talbot and Kathleen Morgan represented the seller, Anderson Torzala, LLC, in the transaction. The Newmark team, who has worked with this client for several years, recently sold another property on their behalf with a third listing to be sold in 2021. The buyer, Alliance Consolidated Group of Companies, LLC, was self-represented.
“Physician-owned medical office properties such as this continue to use sale leaseback transactions, especially during the pandemic, to unlock real estate equity now,” stated Talbot. “After owning the property since 2007 the large practice with several locations throughout Phoenix have decided to pursue other investment opportunities and leave the day-to-day real estate management to a landlord that specializes in owning and operating medical office properties.”
The property is located strategically in the west valley area of Phoenix, less than two miles form the 179-bed Abrazo West Campus hospital. Several medical practices operate in the area to serve patients in Goodyear, Avondale, Litchfield Park, Tolleson and Buckeye.
2940 N. Litchfield Park is one of several physician-owned medical properties that Talbot and Morgan have sold nationally in 2020. Cap rates have remained steady throughout 2020 even with the pandemic for the long-term stabilized returns that healthcare practices offer investors with strong credit and essential nature of medical office tenants.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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