Latest deals from C&W, Kidder Mathews, Marcus & Millichap, SVN
Plastic surgeon will open surgery center at Scottsdale medical building
Cushman & Wakefield announced that Dr. Remus Repta (Repta Properties, LLC), a board-certified plastic surgeon, purchased Scottsdale Medical Building. Phoenix-based 6 Turns, LLC sold the property located at 3271 N. Civic Center Plaza in Scottsdale, Ariz. for $3.4 million.
Sheila Bale, Ryan O’Connor and Tom Weinhold of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the buyer. The Phoenix Kidder Mathews healthcare team of Senior Vice President Michael Dupuy and Vice President Rachael Thompson negotiated the sale on behalf of owner 6 Turns, LLC.
“By taking my Plastic Surgery practice to the next level, my patients, my staff, and this building will all share in the ideas, hard work, and dedication that have been my surgical practice for the last decade. The facelift that the building will receive will be more of a re-birth into arguably the best use it has ever had,” said Dr. Repta.
Scottsdale Medical Building is centrally located in Old Town Scottsdale and is 16,919 square feet (sf). Built in 1984, Dr. Repta plans to renovate the entire interior and exterior into a Class C surgery center. The new space will provide two operating rooms and additional clinical space for tenants.
“Dr. Repta is an amazing surgeon who transforms figures and lives. He and his team will transform the Scottsdale Medical Building into a stunning and elegant retreat,” said Bale.
According to Cushman & Wakefield research, medical office building demand increased in the second quarter of 2018 with 53,036 sf of positive absorption. The overall vacancy rate decreased to 16.7%, from 17.6% last quarter, which is the lowest rate in 10 years. The South Scottsdale market is showing extremely low vacancy for both leasing and sales.
Multifamily advisor Lee sells complex for $1.35M in south Phoenix
SVN Desert Commercial Advisors has been providing a full brokerage services to SVN clients throughout the entire year and Danny Lee once again sells another multifamily complex in the valley. It was a cash transaction.
Vice President Investment Advisor and partner, Danny Lee has sold the property located at 717 E. Roeser Rd. in Phoenix. The complex is just south of Broadway on 7th street. The multifamily complex sold for $1,350,000 at $67,500 per unit which breaks down to $84 psf. The 16,000 square foot property was made up of all two-bedroom unit floorplans with individual meters for electricity. Lee represented the seller, Luis Melendez and procured the buyer Shashikant Jogani with Pro Residential Services, Inc. in the sale transaction.
“The buyer plans to do some light renovations to the property,” said SVN advisor Lee. The buyer, who is also a veteran is an experienced buyer and specializes in buying Class C properties throughout Arizona. He will add to his large portfolio of assets he currently has. The seller owned the property for over 25 years and wanted to downsize on his holdings. The tenants will also benefit soon enough once the construction is completed on the light rail which is very close in proximity as well.
Latest deals from Marcus & Millichap
• Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of El Dorado Apartments, a 33-unit apartment property located in Scottsdale, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $5,780,000 or $175,152 per unit.
Richard Butler and Sean Connolly, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an out-of-state limited liability company. El Dorado is located at 6825 E. 4th Street in Scottsdale, AZ.
• Marcus & Millichap announced the sale of 8 on Roma, a 8-unit apartment property located in Phoenix, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $775,000. “In light of the strong neighborhood and operational fundamentals, 8 on Roma was able to capture a great deal of attention in the marketplace.” commented Bay.
Paul Bay investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was secured and represented by Paul Bay.