SCOTTSDALE – (July 27, 2023) – DOCPROPERTIES, a leading healthcare real estate investment and advisory firm, is delighted to announce the successful sale of a prime redevelopment property situated in downtown Scottsdale, Arizona. The property, totaling 40,840 square feet, has been sold for an impressive $4,200,000, translating to a remarkable $103 per square foot. The entire transaction was efficiently concluded within a mere 10 days from the opening of escrow.
The decision to sell the property was guided by its strategic location, boasting desirable frontage on Osborn Road, and its close proximity to the esteemed Honor Health Scottsdale Osborn Medical Center. Craig Suiter, M.D., the seller, explained the rationale behind the sale, stating, “We recognized the inherent value of the property and its immense potential for vertical development. The current zoning allows for three stories, and with the possibility of further variance in the downtown overlay for Scottsdale, we are confident that it will be transformed into a property of great significance.”
Trisha Talbot, Managing Principal of DOCPROPERTIES, commented, “Our conviction in the property’s potential was reaffirmed by the fact that the buyer already owns the adjacent property to the south. Combining the two properties offers a unique opportunity for cost-effective development, allowing for increased density and innovative parking solutions. While the property’s natural fit lies in medical or assisted living purposes, the zoning’s versatility opens doors to several other potential uses.”
Currently on the property at 7245 E Osborn Road is a functional 9,800 square foot medical building, which continues to serve as the operational location for Arizona Eye Specialists. The practice will be relocating to accommodate the forthcoming developments. It is worth noting that the property’s rich history dates back to its original development in the 1970s by a dedicated physician within the practice. The property’s zoning is categorized as C-3.
DOCPROPERTIES is led by Trisha Talbot, a long-time healthcare commercial real estate broker successfully completing thousands of transactions and GlobeSt.com 2021 Woman of Influence, advising physician practices and healthcare property investors in investment sales, leasing, and corporate representation. Consistently ranked among Arizona’s top commercial real estate brokers, Talbot brings together investors and entrepreneurial clinicians to create profitable medical property investments that ultimately allow practices to focus on providing quality care.
DOCPROPERTIES is a healthcare real estate investment and advisory firm based in Scottsdale, Arizona. Our team has extensive experience in completing thousands of transactions in sales, leasing and corporate representation providing a 360-degree view of healthcare properties. We specialize in maximizing the value of clinician-owned properties while collaborating with investors to acquire, build and manage healthcare properties. With a focus on medical and dental office assets in the Western US, we anticipate the needs of entrepreneurial clinicians and investors in a booming property sector, providing predictable and profitable returns during any economic environment. Our mission is to help clients reach their investment goals allowing clinicians to focus on delivering quality care to their patients.
To learn more about DOCPROPERTIES and the breadth of services for clinicians and investors, visit docproperties.com.
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