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PHOENIX-An Oregon couple closes on a 10,390-sf medical office property in West Phoenix for $1.2 million–a rare find a submarket that lately has seen very fewproperties in the same price range.

“There’s a real shortage and high demand for office product in the $1-million range,” Eric Wichterman, a senior vice president at Grubb & Ellis/BRE Commercial of Phoenix, tells GlobeSt.com. “It has a strong historical occupancy. It’s really one of the nicer buildings in that area.”

Receiving four offers during a week-long marketing campaign, seller SKS Investment Co. of Phoenix entered a 45-day escrow period with first-time metro buyers, Gary and Patricia Edlebrock of Salem, OR. Located at 1530 W. Glendale Ave., the 19-year-old, single-story building sits a mile away from Phoenix Baptist Hospital. The facility is fully leased to physicians.

SKS, a group of four doctors which owned the building and operated offices inside, decided to sell since three partners had recently retired. The fourth doctor continues to operate an office in the facility, Wichterman says. Rents average $18.50, with the tenant covering utility costs. Wichterman and Stan Shafer with Grubb & Ellis/BRE Commercial represented both parties in the deal.

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