Cecil Flanery of Scottsdale picked up the Palo Verde Medical Building from Ensemble Investments of Phoenix in an all-cash deal just 30 days after the 5251 W. Campbell property was put on the market, Eric Wichterman with Grubb & Ellis Co.'s investment advisory division tells GlobeSt.com. "It has a very stable rent roll, it was an on-campus medical building and it was in excellent physical condition with excellent parking," Wichterman said of the building's appeal. The two-story medical office building, located at 52nd Avenue and Campbell, was 91% occupied at the time of sale.
Wicterman represented Ensemble Investments, one of Arizona's largest owners and developers of medical office buildings, in the transaction. The buyer was represented by Jack Merten of Coldwell Banker Commercial in Phoenix.
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