Nathan Reid sold a pre-school and needed to find an exchange property, says Eric Wichterman, a vice president with Grubb & Ellis/BRE Commercial LLC, who teamed with Stan Shafer to represent Reid in the acquisition. Wichterman tells GlobeSt.com that Memorial Medical Plaza, a 20,380-sf medical building, was acquired in an off-market transaction. "I sold Memorial Medical Plaza to MTC Investments in August 2003 and we came up with a good offer from them to sell," he says.
Memorial Medical Plaza is located on the hospital campus of Scottsdale Memorial Osborn at 7555 E. Osborn Rd. "The buyer really liked the location," Wichterman says.
Built in 1973, the building was 83% occupied at the time of purchase, but MTC Investments offered a one-year rent guarantee to simulate 100% occupancy, he says. Reid obtained new financing for Memorial Medical Plaza, according to Wichterman.
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