For Immediate Release
Cushman & Wakefield’s Healthcare Capital Markets Team Advises Sale of Class A Medical Office Building in Chandler, AZ
Asset 100% leased to a top health system sells for $6.54 million
PHOENIX, Ariz, March 1, 2021 – Cushman & Wakefield announced the firm has represented the Seller in the sale of a freestanding Class A medical office building in Chandler (Phoenix), Arizona. Located at 1475 W Chandler Blvd, the 12,926-square-foot asset is 100% leased to a top regional health system that is headquartered in Phoenix. The buyer was Nashville-based Montecito Medical Real Estate, one of the largest privately held acquirers of medical real estate in the country, which acquired the property for $6.54 million.
Travis Ives, Gino Lollio and Scott Niedergang of Cushman & Wakefield’s U.S. Healthcare Capital Markets Team collaborated with the firm’s Phoenix medical office experts, Tom Weinhold and Sheila Bale, to represent the seller in the transaction.
“Medical office investments continue to be in high demand,” said Travis Ives, Managing Director. “Investors are attracted to the dependale cash flow and high probability of renewal, especially for offerings like this, which included an ambulatory surgery center affiliated with a dominate health system. We saw a tremendous amount of interest from a wide variety of capital sources that led to multiple rounds of competitive bidding before the deal was ultimately awarded to Montecito, who performed flawlessly on the transaction.”
Tom Weinhold, Managing Director with the firm’s Healthcare Advisory Practice and local expert on medical office leasing, added, “Phoenix has been one of the most active and sought-after medical office markets in the country in recent years. Population growth is fueling demand for medical services which has reduced vacancies and increased rents, all while the inventory of medical office space continues to grow through new development. We expect that trend to continue into the foreseeable future.”
Cushman & Wakefield’s U.S. Healthcare Capital Markets Team advises investors, developers, physicians and helath systems on acquisition, disposition, and debt & equity strategies for healthcare real estate assets across the continuum of care including both inpatient and outpatient facilties. In 2020, the team sold 43 properties totaling 1.46 million square feet valued at over $224 million working in conjunction with the many members of Cushman & Wakefield’s Healthcare Advisory Practice across the country.
Over their collective 45 years in healthcare real estate, Travis Ives, Gino Lollio and Scott Niedergang have completed over $1.5 billion in transactions.
CLICK HERE for photo of 1475 W Chandler Blvd
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.
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