Newmark announces the $3.5 million sale of 300 East Osborn in Phoenix, Arizona. Newmark Managing Directors Trisha Talbot and Kathleen Morgan represented the seller, Osborn Physician Properties, LLC, in the sale of the 19,615-square-foot property to Wentworth Property Company.
The 100%-leased, multi-tenant property was owned for several years by a group of physician owners. The tenant mix includes a mix of healthcare providers comprising an ophthalmic surgery center, optometry, ophthalmology, Phoenix Neurology & Sleep Medicine and SimonMed Imaging.
“We are excited to complete this sale representing an opportunity for physician owners to realize a return on their investment by transferring to an investor focused on medical office assets that understands the long-term resilience of healthcare real estate,” said Talbot. “The acquisition by Wentworth Property Company is one of the first medical office purchases for the company, which recently established a division for medical office assets. We were thrilled to be a part of the transaction and support the needs of all parties involved.”
300 East Osborn Road is proximate to the two largest hospitals in the Phoenix metropolitan area–one mile from the 607-bed Dignity Health St. Joseph’s Hospital and Medical Center and approximately two miles from the 733-bed Banner University Medical Center Phoenix.
“After several years of acting as owner-operators at the property, we decided it was time to sell and transfer operations to a third-party owner,” said Troy Anderson, MD, Managing Member of Osborn Physician Properties, LLC. “Having seasoned medical office brokers, Trisha and Kathleen, on our side, helped us to reach excellent terms for all parties involved.”
In the first quarter of 2020, Phoenix’s medical office sector maintained its pre-COVID-19 pace with $88.8 million in transactions, a 14% increase from the prior quarter. Additionally, the first quarter saw an increase in activity at the higher-end of the market with seven transactions with a more-than-$8 million value and 10 buildings over 25,000 square feet, according to Newmark Research.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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