Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 13,416-square-foot medical property leased to Fresenius Medical Care. The dialysis facility is located at 450 South Gilbert Road in Phoenix, Arizona. An individual 1031 exchange buyer based in New Jersey purchased the asset for $9.5 million, reflecting a 5.01 percent cap rate. The buyer was represented by Jason Maier of Stan Johnson Company. The seller was a Southlake, Texas-based developer.
“The buyer was putting together a portfolio and was seeking diversification,” said Maier, Senior Director in Stan Johnson Company’s New York office. “Arizona is a tremendous growth market with a significant amount of medical office development. And while there are some great operators in the medical space, very few have investment grade credit. We were able to justify the compressed cap rate due to the strong lease guarantee combined with the property’s new construction and overall quality of the real estate.”
The build-to-suit facility was constructed on 2.01 acres in 2019 and is in close proximity to three major hospitals including Mercy Gilbert Medical Center. The asset features a long-term net lease with annual increases.