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Good Samaritan Office Building Fetches $6.6 Mil

PHOENIX-The Papago Medical Center on Phoenix's Good Samaritan campus has brought in $6.6 million for seller Denali National Trust of Scottsdale. Ensemble Investments' acquisition totals nearly 80,000 sf and is nearly filled to the brim.

By D.J. Burrough | Updated on August 27, 2001

PHOENIX-A strategically positioned office building on Phoenix’s Good Samaritan Regional Medical Center campus has carried a $6.6-million price tag in a sale between two Arizona real estate investment groups.

Ensemble Investments LLC/Universal Health Realty Income Trust has acquired the Papago Medical Park, totaling nearly 80,000 sf, from Denali National Trust Inc. of Scottsdale. The property is positioned at 1331 N. 7th St. and was practically 100% occupied at sale time, which reaped $82.50 per sf.

The medical office market has remained relatively stable despite a Valleywide office vacancy that’s spiked to nearly 18% due to the economy’s slowdown. “Medical office space has definitely maintained rental rates and occupancy levels within the marketplace,” Glenn Smigiel, the CB Richard Ellis Phoenix broker who negotiated the sale, tells GlobeSt.com. “It is not as directly tied to the US economy. Doctors don’t just don’t move very much. If their practices are growing, they need space. It is more of a steady growth.”

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