The building, situated on about 1.5 acres 2211 E. Southern Ave., is leased to American Healthcare Associates Inc., of Huxley, IA. There are 12 years remaining on the lease.
"The buyer wasn't specifically targeting Phoenix. He just buys investment properties of all types," explains Bill Hahn, senior vice president of Sperry Van Ness' Phoenix office, who represented the seller, Ron White of Orange County, CA. "He just bought this one because of the long-term lease in place."
Jon Sorokowksi with Sperry Van Ness' Ontario, CA office represented the buyer, a partnership put together by investor Kevin Golshan. Hahn says Golshan's partnership is planning a long-term hold of the facility.
Hahn tells GlobeSt.com that the 115-bed property, marketed for 90 days at a $4.5-million ask, attracted about six offers. "The buyer was accepted because he offered the shortest timeframe and no loan contingency," he says.
According to Hahn, the seller owned the facility via a family-held partnership for years, but wanted to exchange the asset into something newer and larger. "I think he's already done that," Hahn says.
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