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Medical Office Property Sells for $1M

PHOENIX-With three of four owners retiring, the doctors sell a 10,390-sf office building on the west side of the city to a first-time Phoenix buyers. The Salem, OR couple was one of four investors vying for the investment property.

By Lee Simmons | Updated on June 01, 2004

PHOENIX-An Oregon couple closes on a 10,390-sf medical office property in West Phoenix for $1.2 million–a rare find a submarket that lately has seen very fewproperties in the same price range.

“There’s a real shortage and high demand for office product in the $1-million range,” Eric Wichterman, a senior vice president at Grubb & Ellis/BRE Commercial of Phoenix, tells GlobeSt.com. “It has a strong historical occupancy. It’s really one of the nicer buildings in that area.”

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