The former Thomas Davis Clinic at 6301 S. McClintock Dr. was gutted a few years ago by a previous owner, who lost it to foreclosure, when a group of doctors in search of office space in Tempe saw the property and made a bid for it. "The Tempe market has very little land left to develop so you have limited potential for new buildings, especially with signage in a good area," Russ Warner, with Grubb & Ellis Co., tells GlobeSt.com. "There aren't many options if you are a doctor and you want to be in a certain area of Tempe."
Warner said the building changed hands six times in the last two years prior to its purchase by TDMC Renovation, a limited liability company formed to purchase the property.
"They found that instead of paying $130 to $150 per sf, they would spend less to renovate this building," Warner explained. He said the medical partners plan to renovate the structure and reopen it as a clinic.
Warner with Grubb & Ellis' investment advisory division and Mike Myrick of the office team represented the seller, Essex Corp., a company formed by local investor Doug Dragoo, who bought the building from Key Bank after it foreclosed. Rick Ridberg of NAI Horizon bargained for the buyer.
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