Ryan Mollen, manager with Core Realty Partners/Oncor International in Phoenix, says CondoMed Harbor plans to renovate the building's common areas and then sell the offices at 3921 E. Baseline Rd. as condominiums to physicians and other healthcare providers. "This was an ideal property for the buyer because there are smaller suites, which sell better and are simpler to renovate," says Mollen, the buyer's broker.
Harbor Medical of Thousand Oaks, CA is the seller. It was represented by John Casey, principal and senior vice president, and Daniel McCarthy, associate vice president, with Burnham Real Estate/Oncor International in San Diego.
Mollen tells GlobeSt.com that another plus to the 70%-occupied asset is its credit-tenant base, which includes Cigna Health Insurance. "Having these tenants in place gives us an advantage as we take this to market," Mollen explains.
Meanwhile, there is some lease roll coming up. Mollen tells GlobeSt.com that the new owner is keeping leasing options in place while offering acquisition opportunities to existing tenants. Leasing and sales brokers have not been determined at this time.
As CondoMed digs into renovating the 1980s-era building, it's also looking for more buildings to buy and convert into office condos. "They're specifically looking for medical office buildings," Mollen says. "The ideal is medical office, multi-tenant buildings."
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