COTTONWOOD, AZ-In an off-market transaction, Cottonwood Medical Group LLC, an investment group from Solano Beach, CA, has paid $4.5 million for Cottonwood Medical Center.

The seller was Mingus Avenue Acquisitions LLC of Carefree, which had owned the building a little over one year, says Netty Wisbaum, associate broker with Phoenix-based Cuellar Realty Services Inc. Will Jones and Dave Rousseau with the Solano Beach, CA-based WJ Commercial represented the buyer.

Located on 1.4 acres at 651 Mingus Ave. near the Verde Valley Medical Center, the 19,946-sf, two-story building is 88% occupied with credit tenants that have long-term leases. “The buyer liked the national tenant base in the building,” says Wisbaum, the seller’s broker, tells GlobeSt.com. Cottonwood Medical Center’s biggest tenant is Addison, TX-based United Surgical Partners International. The Nasdaq-traded company leases roughly 7,800 sf in the three-year-old, class A building. Los Padres Bank of Scottsdale provided financing for the acquisition.

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