OrbVest closed the purchase of the 41,703 square-foot office property for $8,810,711 in one of the fastest-growing metropolitan areas in the U.S.
NEW YORK (PRWEB) JULY 27, 2022 — OrbVest (ORB), a global real estate company investing in income-producing medical commercial real estate in the United States, today announced they have recently closed on their purchase of the 40th Street Medical Office Plaza, a 41,703 square-foot well-maintained Class B medical office property located at 16601 N 40th Street in Phoenix, Arizona. Their newest medical office asset serves a population of 266,285 within a five-mile radius.
Medical real estate in the USA is a resilient, growing sector. OrbVest is focused on the resilience of this and has acquired 39 buildings in eight years with a value of just under $400 million. The company co-invests with investors in stable, income-producing medical office buildings to generate strong cash dividends.
Arizona is the 6th largest and 15th most populous state, with the Greater Phoenix MSA ranking as the 5th largest metropolitan area in the United States. Importantly, the area is also ranked 5th in the nation for economic growth. Phoenix has gained more than 1.5 million residents since 2000 and its population of 4.74 million is home to more than two-thirds of the state’s population. Healthcare is a core sector of its economy and the 40th Street Medical Office Plaza‘s busy location is ideal for medical services.
“Acquiring 40th Street represents our focus on quickly-growing areas of the country. Our growing global real estate company is hyperfocused on the US health care sector. This property’s current occupancy of 77.4%, presents a great opportunity to acquire a value-add medical office asset in one of the fastest-growing MSAs in the US,” said Martin Freeman, OrbVest CEO. “The Phoenix region is home to several Fortune 500 and 100 companies and this property is accessible within a 40-minute radius to more than 75% of the greater Phoenix population.”
The garden-style medical office property is located in the Paradise Valley submarket of Phoenix. It’s situated on 2.9 acres of land and consists of three, two-story buildings that are home to a healthy mixture of medical providers. These include clinical space for a large general, laparoscopic, and vascular surgical practice group, cardiothoracic, general family practice, internal medicine, and wellness center, among others.
Current tenants of 40th Street Medical Plaza include Valley Surgical Clinics, QTC Management Inc., Sun Valley Family Care Inc, Health for Life Naturopathic, Phoenix Dream Center, Phoenix Premier Medical, G60 Trauma, and Thoracic Cardiovascular Associates. Additionally, easy access to Loop 101 and Highway 51 via Bell Road provides immediate access to Abrazo’s Scottsdale Hospital Campus.
OrbVest has operated two other buildings in the area and is looking forward to extending leases to the tenants. Meanwhile, vacant spaces will be marketed to other healthcare companies in the area. The OrbVest team also looks forward to maintaining the building.
With their main objective to reduce capital call risk for investors and their first principle of capital preservation, the company will continue to seek opportunities within the low-risk medical office investment space. Recent purchases include acquisitions in Fleming Island; Boynton Beach, Florida, Princeton, New Jersey, Phoenix, Arizona; and Fayetteville, Georgia.
For more information about OrbVest visit – https://orbvest.com/.
About OrbVest
OrbVest is a global real estate company that invests in US income-producing medical commercial real estate. Within seven years, OrbVest has assembled a portfolio of over 1.4 million square feet representing over $400m in real estate. OrbVest’s goal is to make investing in global real estate simple for small and large investors who are able to invest from as little as $5,000. Clients use a convenient online platform to invest directly into low-risk commercial assets, primarily in the Healthcare niche. The investments generate regular dividends (±8% per annum) that are distributed on a quarterly basis creating annuity income and long-term wealth over the period of investment. (Targeted IRR of 11% to 17%).
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
