The Southeast Valley continues to be a particularly strong market for healthcare real estate, with DOCPROPERTIES brokering the sale of the 9,200-square-foot medical office building at 21115 S. Rittenhouse Rd. in Queen Creek for $6.31 million. At $686 per square foot (PSF), the building commanded more than double the $309 average PSF for the Phoenix area in Q4 2021 and more than $100 PSF over the largest individual property transaction that same quarter.
“Healthcare real estate is one of the hottest asset classes in Phoenix, and with Queen Creek anticipating a 43% population increase over the next five years, demand for healthcare services will skyrocket,” said Trisha Talbot, managing principal of DOCPROPERTIES. “With some of the highest average asking rents in the Valley, along with one of the lowest vacancy percentages, the area can yield outstanding returns for investors who understand the complexities of this niche market.”
DOCPROPERTIES represented the seller, private real estate investment company Signal Healthcare LLC, in the transaction, which closed on April 1. Calvin Gaeta Development Company, Inc. purchased the building, which is home to single tenant Simon Med Imaging, on a 15-year lease. DOCPROPERTIES partnered with Newmark and Echo West Capital Advisors in this transaction.
With 20 years of experience putting together healthcare real estate deals and extensive knowledge of the Arizona market, Talbot consistently ranks among the state’s top commercial real estate brokers for more than a decade. DOCPROPERTIES assists clients with facilities ranging from ambulatory surgical centers and urgent care properties to medical office buildings. The firm also identifies opportunities for adaptive reuse and helps clients build to suit.