Paul D. Christ of Newport Beach, CA purchased the 29-year-old building at 3600 N. 3rd Ave. from Mayo Clinic AZ of Scottsdale. The building, located less than a half-mile from St. Joseph's Hospital, is fully leased to Catholic Healthcare West until 2009.
"In just a couple of weeks on the market we received over 10 offers, which created a nice bidding environment for the seller," Jenifer Lunt, a senior associate in Phoenix for CB Richard Ellis Inc., tells GlobeSt.com. She, Steve Fernandez and Andrew Fosberg brokered the transaction. The building, listed at $1.8 million, ended up trading at a 7.27% cap rate, Lunt says.
Mayo Clinic had occupied the building, but moved its operations and leased the building to Catholic Healthcare West, which is using the building for a pediatric cardiopulmonary practice. The healthcare provider moved into the building in October 2004. The five-year lease is worth roughly $747,510.
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