Tempe Medical Office Building Exchanged for $1.6M

TEMPE, AZ-The 2000 Place Professional Plaza, a 13,075-sf medical office building, has pulled $1.6 million from a locally based investment group while the sellers trade in the holding for a 25,000-sf office building in Phoenix.

Sellers John and Gael Pardi of Oakland, CA are using the proceeds from 2000 E. Southern Ave. in Tempe to satisfy requirements of a 1031 exchange. The Pardis’ broker Eric Wichterman of the Phoenix office of Grubb & Ellis Co. gets the credit for the deal, pulling together a group of investors to buy the Pardis’ Tempe asset. He tells GlobeSt.com that he formed the group with owners from an abutting similarly sized medical office building. The 2000 Plaza LLC, with ties to Mesa, ended up the buyer of record for the fully leased, four-tenant holding. The building is flanked by other medical office product. Wichterman and Stan Shafer, also of Grubb & Ellis, represented the building owners while the buyers spoke for themselves.