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PHOENIX-A $2.8 million all cash bid has bought a Colorado firm a 19,678 sf medical plaza strategically located near Paradise Valley Hospital that is 93% occupied.

The Tatum Professional Plaza, a 1984 single story brick office complex at 14640 N. Tatum Boulevard, was sold to Mayaler, Inc. of Aspen, CO, just one week after going on the market, Steve Gonzalez with Marcus & Millichap tells GlobeSt.com. Gonzalez says the all cash deal was a 1031 exchange for the buyer. Jamie Medress, of Marcus & Millichap, assisted Gonzalez in the transaction.

“The quality of construction and the location and stability of the tenant rent role appealed to the buyer,” said Gonzalez, who sealed the deal for both buyer and seller, Tatum Professional Group of Phoenix. The sellers, who developed the medical center and were tenants in the building, decided to sell the property in order to better focus on their medical practices, he said.

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