For Immediate Release
Out-of-State Private Investor Acquires Fully Leased, Two-Tenant Asset in Phoenix Metro
CHANDLER, Ariz. – May 9, 2023 – Cushman & Wakefield announced the firm has brokered the sale of a two-tenant medical office building located at 2394 N Alma School Rd in Chandler (Phoenix), Arizona. Consisting of approximately 10,446 rentable square feet, the building is fully leased to a dermatology practice and surgery center.
The property was acquired by an out-of-state private investor for $6.5 million. The seller was Drs. Nancy Kim & Rajan Bhatt, a local physician investor who had acquired the property a few years prior for their own use. Redeveloped in 2019, the medical building was constructed brand new from the ground up before the current leases were secured for the property. The site was previously a retail pad that was originally built in 1991.
Cushman & Wakefield’s national Healthcare Capital Markets Team comprising Travis Ives, Gino Lollio, and Sushil Puria represented the seller in the transaction working in collaboration with the firm’s local healthcare leasing experts Tom Weinhold and Sheila Bale. Weinhold and Bale were also involved with the leasing of the property securing a long-term lease prior to the sale with the surgery center.
“Supported by two high-quality tenants, including a licensed ambulatory surgical center, this was a strong healthcare investment opportunity,” said Travis Ives, Executive Director. “Despite macro-economic headwinds, medical office investments continue to prove their resiliency holding their value and attracting new capital to the space.”
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 52,000 employees in over 400 offices and approximately 60 countries. In 2022, the firm had revenue of $10.1 billion across core services of property, facilities and project management, leasing, capital markets, and 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
+1 415 677 0423
joshua.deale@cushwake.com
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