Search
 

$8M Takes 54,789-SF Medical Office Complex

PHOENIX-RWR Enterprises, with more deals in the pipeline, takes over the 80%-leased Metro Medical Plaza to mark its first purchase of the product type. With the deal closed, the buyer's focus shifts to a $300,000 repositioning plan.

By Amy Wolff Sorter | Updated on August 18, 2005

PHOENIX-A local limited liability company has made its first medical office purchase in the region, paying $8.1 million for Metro Medical Plaza. The quartet of single-story buildings totals 54,789 sf.

Built in 1979 on 5.8 acres, the 3201 W. Peoria Ave. asset was 80% occupied at sale time. With the acquisition complete, the buyer is focusing on refurbishing the property to help boost occupancy. “The buyer is putting about $300,000 into the property to reposition it and to make improvements,” says Ched Eckert, vice president with GVA Daum in Phoenix. Additionally, the buyer’s broker says RWR Enterprises LLC hired a local firm, the Plaza Cos., to handle leasing and property management.

The seller, LeBlanc Revocable Trust of Rancho Murrieta, CA, is a husband-and-wife team that was represented by Jenifer Lunt, Steve Fernandez, Andrew Fosberg, Claudia Jara and Colleen McPherson with CB Richard Ellis Inc.’s Phoenix office.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.