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91%-Leased Office Building Pulls $1.8M Cash

PHOENIX-A Scottsdale investor makes the close 30 days after the 19,045-sf Palo Verde Medical Building goes on the market. The appeal is a stable rent roll, location on the Maryvale Hospital campus and excellent physical condition.

By Beverly Ford | Updated on January 23, 2003

PHOENIX-A 19,045-sf medical office building located on the campus of Maryvale Hospital has been sold for $1.8 million to a private investor who liked the property’s stable tenants and its medical setting.

Cecil Flanery of Scottsdale picked up the Palo Verde Medical Building from Ensemble Investments of Phoenix in an all-cash deal just 30 days after the 5251 W. Campbell property was put on the market, Eric Wichterman with Grubb & Ellis Co.’s investment advisory division tells GlobeSt.com. “It has a very stable rent roll, it was an on-campus medical building and it was in excellent physical condition with excellent parking,” Wichterman said of the building’s appeal. The two-story medical office building, located at 52nd Avenue and Campbell, was 91% occupied at the time of sale.

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