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Real Estate

Tempe medical clinic sells for $7.85M

Posted 9/19/22

Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has announced the sale of VillageMD in Tempe.

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Real Estate

Tempe medical clinic sells for $7.85M

Posted

Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has announced the sale of a medical office building in Tempe.

The 7,425-square-foot building sits on a 1.51-acre outparcel of Arizona Mills Mall - a Simon Property - and sold for $7,855,890, according to a news release. 

VillageMD, through its subsidiary Village Medical, is the tenant of the building. It is a national provider of primary care services. The Tempe location opened in June 2022.

Marcus & Millichap’s Christopher Biuso, Scott Gould and Rory Shelby in the Orlando office, had the exclusive listing to market the property on behalf of the seller, TSH AJ Real Estate, LLC. The buyer, a California-based private partnership, was procured by Glen Kunofsky, Anthony D’Ambrosia, and Richard Nardi in Marcus & Millichap’s Manhattan office. Ryan Sarbinoff, Marcus & Millichap’s broker of record for Arizona, assisted in closing this transaction.

“This sale represents our fourth and largest medical office sale leased to VillageMD transaction this year. Given the ongoing consolidation and expansion of the Value Based Primary Care space, Walgreens substantial investment in this company and the location of this clinic, were confident that this will be a premier location for VillageMD,” said Christopher Biuso, vice president investments. 

VillageMD is located at 5015 South Arizona Mills in Tempe, directly adjacent to the Arizona Mills outlet shopping mall.

Village Medical offers a comprehensive suite of primary care services including preventative care, treatment for illness and injury, and management of chronic conditions via same-day appointments and virtual health visits.