September 9, 2021 9:00 AM
Newmark Knight Frank (“Newmark”) announces the sale of Copper Point, a multi-tenant 91,805-square-foot medical office building in Gilbert, Arizona for $33 million in an off-market transaction.
Newmark Managing Directors Kathleen Morgan and Trisha Talbot represented the seller, West Coast Capital Partners. The buyer, CA Ventures, was self-represented.
“It has been an amazing opportunity to lease Copper Point to 96% occupancy and obtain a strong, diverse tenant mix,” said Morgan. “Then I brought the buyer and seller together; both parties I’ve known a long time. It was a win-win for everyone involved.”
The two-story building, located at 3530 S. Val Vista Drive, is currently 96 percent occupied. The tenants comprise a broad mix of orthopedic surgery, oncology, cardiology and laboratory services. The property is situated adjacent to Dignity Health Mercy Gilbert Medical Center.
The medical office market in Gilbert is a growing area, with over 400,000 square feet of construction underway and a 16.5% higher average asking rent than the overall metro due to quality product within the submarket, according to Newmark Research. The Phoenix Metro medical office market faced little interruption in the face of the pandemic with rents increasing 3.7% and vacancy lowering by 40 basis points year-over-year. The talent pool and services available in Phoenix within the medical field are attractive to landlord, tenants and investors alike.
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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. 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.