Real estate

Phoenix medical building sells for $4.67 million

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A medical office building near Interstate 17 and Cactus Road in Phoenix sold for $4.67 million, a local real estate company announced.

The property, which features a 27,500-square-foot building, sits on 4.49 acres and is currently leased to Community Medical Services, which provides substance abuse treatment in the form of outpatient medication assisted treatment and individual and group counseling.

The buyer and seller were not disclosed.

The building, at 2806 W. Cactus Road, was renovated in 2019.

“The seller injected a significant amount of capital into this asset over the last year and has
successfully repositioned the property into a highly trafficked, fully-leased behavioral health
medical facility,” said Andrew Fosberg of CBRE. “The property was completely renovated in 2020 and is ideally positioned along Interstate 17, which drove significant demand by both institutional and private capital investors focused on stabilized healthcare real estate.”

According to a press release, Phoenix ranked 11th for total net-lease investment volume in Q1 2021 with $388 million, CBRE said.

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