Tim Grant, a partner with Scottsdale Investment Management, tells GlobeSt.com that the private, off-market sale closed with a $6-million loan from PNC Bank of Pittsburgh. The 10-year loan cleared at a 6% fixed-rate interest.
In structuring the sale/leaseback, Scottsdale Investment Management got the locally based institute to commit to a 15-year lease for the three-story building at 2632 N. 20th St. Grant cites the long-term lease and the building's proximity to the freeway and Downtown as factors motivating the partners to buy.
Built in 1988 by the institute, the building sits directly across the street from the Arizona Heart Hospital and the Phoenix Children's Hospital. Scottsdale Investment Management envisions a long-term hold of the property, Grant adds.
The Arizona Heart Institute distinguishes itself as the country's first freestanding outpatient clinic dedicated to treating heart disease and specializing in non-surgical therapies. In 2000, the institute partnered with Advanced Medical China Ltd. to trainChinese physicians and more recently has begun plans to develop an outpatient treatment clinic and response center in Beijing.
Mike Auther, Tom Auther and Joe Jackson, all with Jacor Properties in Phoenix, represented the seller. The Grubb & Ellis/BRE Commercial team of Paul Boyle and Rick Danis brokered the purchase for Scottsdale Investment Management.
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