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

LITCHFIELD PARK, AZ-Remonov & Co. of Vail, CO acquire a fully occupied 25,709-sf medical office property in one of the region's fastest-growing suburbs. The seller will do a 1031 Exchange to acquire an apartment building.

By Beverly Ford | Updated on September 18, 2002

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.”

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