Newmark Arranges $8.8 Million Sale of Medical Office Building in Peoria, Arizona

July 21, 2022 9:00 AM

Newmark[1] announces it has completed the $8.8 million sale of the Plaza Town Center Professional Plaza, a 26,970-square-foot medical office building located at 9139 W Thunderbird Road in Peoria, Arizona. Newmark Managing Director Kathleen Morgan represented the seller, Garnett Capital, in the sale to Evergreen Medical Properties.

“After working with Garnett Capital over the past 10 years, I value our long-term partnership, and am pleased to complete another successful sale transaction on their behalf,” said Morgan.

Plaza Town Center Professional Plaza is a two-story, 26,970-square-foot, off-campus medical office building. The property was 100% leased at the time of sale, with a tenant mix offering an array of imaging, laboratory, neurosurgery, internal medicine and physical therapy services.

The building is situated near the intersection of W Thunderbird Road and N Plaza Del Rio Boulevard, adjacent to the New River and proximate to several other outpatient medical offerings.

According to Newmark’s Global Healthcare Services specialty practice group, Medical Office Building (MOB) transactions started off 2022 with 300 properties closed during the first quarter, totaling $3.5 billion in transaction volume—an 84% increase compared to the first quarter of 2021. Cap rates continue to compress, with the overall average up slightly to 6.1% compared to 5.9% in the fourth quarter of 2021. Pricing, however, remains competitive for MOBs. The average deal size for the properties closing in the first quarter was $11.7 million with an average price per square foot of $345.

[1] Dba Newmark Knight Frank in Arizona

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.