PHOENIX, Ariz. (May 8, 2019) – Vice President Rachael Thompson of the Phoenix Kidder Mathews healthcare team represented the owner in the sale of a pair of medical office buildings in Chandler, Arizona.
Thompson represented Resolution Fund Management in the sale totaling $1.26 million of Building A and Building B at 908 W. Chandler Blvd., in the highly sought-after Southeast Valley market.
Building A, 3,453 SF, was sold to an investment group for $780,000; it is currently occupied by Baymark Health Services, a national detox and counseling center. Building B, also 3,453 SF, was sold to an owner/user for $480,000 and will be occupied by a medical tenant.
“The Chandler medical office market is tight with a vacancy of under 5 percent,” Thompson said. “In both of these transactions, the lack of available product and investment opportunities contributed to the successful distribution. It was a pleasure working with the team at Resolution Fund Management on these two transactions.”
Built in 1999, the assets are within close proximity to the Loop 101 and Chandler Regional Hospital. They are situated in a submarket with very little available medical office inventory.
The buyer of Building A was represented by Marcus Muirhead of Lee & Associates; the buyer of Building B was represented by David Elton of Arizona Best Real Estate.