Newmark completes sale of mixed-use plaza in Peoria
Newmark announced it has arranged the $4.8 million sale of Adelante Healthcare Plaza, a two-tenant medical and retail building, located at 15525 North 83rd Avenue in Peoria, Arizona.
Newmark’s Senior Managing Directors Steve Julius and Jesse Goldsmith and Associate Chase Dorsett represented the private seller. The buyer, a 1031 exchange investor, was represented by Geoffrey Turbow of CBRE.
“With long-term leases to two seasoned successful tenants, this property attracted buyers looking for stable cash flow,” said Julius. “We had no problem obtaining bank financing, even in these tumultuous times.”
The 15,566-square-foot property can be described as a “medtail”, a term for traditional retail centers that include a heavy mix of medical tenants. Adelante Healthcare occupies a majority of the building while MacMedia, Inc. an Apple authorized dealer/servicer, leases the remaining space.
Newmark arranges sale of medical office building in Goodyear
Newmark announced the $2.6 million sale of a single-tenant, NNN, medical office building located at 2490 N. Litchfield Road Bldg. 13 in Goodyear, Arizona. The property was sold by principals that are physician owners also operating the Phoenix Nuerology & Sleep Medicine practice and sleep center at the property.
Newmark’s Managing Directors Trisha Talbot and Kathleen Morgan represented the seller, Anderson Torzala, LLC, in the transaction. The Newmark team, who has worked with this client for several years, recently sold another property on their behalf with a third listing to be sold in 2021. The buyer, Alliance Consolidated Group of Companies, LLC, was self-represented.
“Physician-owned medical office properties such as this continue to use sale leaseback transactions, especially during the pandemic, to unlock real estate equity now,” stated Talbot. “After owning the property since 2007 the large practice with several locations throughout Phoenix have decided to pursue other investment opportunities and leave the day-to-day real estate management to a landlord that specializes in owning and operating medical office properties.”
The property is located strategically in the west valley area of Phoenix, less than two miles form the 179-bed Abrazo West Campus hospital. Several medical practices operate in the area to serve patients in Goodyear, Avondale, Litchfield Park, Tolleson and Buckeye.
2940 N. Litchfield Park is one of several physician-owned medical properties that Talbot and Morgan have sold nationally in 2020. Cap rates have remained steady throughout 2020 even with the pandemic for the long-term stabilized returns that healthcare practices offer investors with strong credit and essential nature of medical office tenants.