The two-building complex, totaling 56,348 sf, was purchased from a unit of Phoenix-based Ensemble Real Estate LLC. The buildings are located at 6550 E. Broadway Rd. and 6553 E. Baywood Ave. They are across the street from the 239-bed Banner Baywood Hospital, which is undergoing a $90-million expansion.
East Mesa Medical Center is 96% leased to 23 medical and dental tenants. According to Jim Clark, president of Western America Equities, the center's proximity to the hospital and tenant base were particularly attractive. Western America Commercial and CB Richard Ellis Inc. will manage the property; CB Richard Ellis will lease it.
Western America Equities obtained $5.9 million in acquisition financing from Citigroup. The loan was arranged by Keith Braddish of Houston-based LJ Melody & Co. Victor Allison of Phoenix-based Praedium Advisors Inc. represented Western America Equities while Ensemble Real Estate had in-house broker, Randy McGrane, negotiate its sale terms.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
