Out-of-State Buyer Puts Up $4.7M for Office Complex

LITCHFIELD PARK, AZ-A Vail, CO investment firm has scooped up a 25,709-sf medical office complex in a fast-growing suburb west of Phoenix, paying about $4.7 million for the fully occupied building just six months after it went on the market.

Ray Harris, associate director with Insignia/ESG, tells GlobeSt.com that the multi-tenant, single-story office complex appealed to buyer Remonov & Co. Inc. because it is positioned in a fast-growing area that is largely underserved by medical professionals.”The area is growing tremendously. There are thousands of houses being built there,” said Harris, who represented seller LPP Plaza II LLC of Phoenix along with Insignia/ESG’s managing director Trevor Klinkhamer. “The long-term medical leases were appealing and the numbers made sense.”

Built in 1999 at 13575 W. Indian School Rd. near Litchfield and Indian School roads, the fully occupied building has 11 suites, mostly rented to medical professionals, he said.The seller in the transaction will do 1031 Exchange and use the profit to purchase an apartment building, Harris said. Pacific Rim Properties represented the buyer.