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California investor buys Central Avenue surgical center in Phoenix

1031 exchange buyer sees value in Midtown Phoenix medical market

Phoenix, June 21, 2021 – An ambulatory surgery center at 3525 N. Central Avenue in Phoenix was sold to a private investor from California. The sale is the latest real estate transaction to take place in the dynamic, growing medical hub of Midtown Phoenix.

The Central Corners building contains 5,734 square feet of space, including two operating suites, medical space and administrative offices. Keith Ricker, a Phoenix-based lawyer/developer, completely redeveloped the site in 2020, for Advanced Pain and Spine, which serves as the single tenant for the property.

“We are very pleased to provide an essential medical facility on a long-term absolute net lease for our client,” says Mindy Korth with Colliers in Arizona. “This asset provides our California-based private investor with an opportunity to satisfy 1031 exchange requirements.” Korth handled the sale transaction.

“Ambulatory surgery centers are in very short supply in Midtown Phoenix,” says Korth. “This property was developed by Advanced Pain and Spine to serve their comprehensive interventional pain practice. We approached the owners to determine interest in a sale-leaseback on behalf of our 1031 investor client. This made a great business transaction for both parties.”

Advanced Pain and Spine offers individualized patient treatment programs driven by an outcomes program developed by their own physicians. The multidisciplinary physicians are Board Certified specialists.

About Colliers International
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn.

Colliers in Arizona has served clients locally and globally for more than 40 years.

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Mindy Korth

Executive Vice President

Phoenix

As an executive vice president of investment services with Colliers, Mindy Korth is accomplished in all sectors of the investment real estate community, including office, medical office, retail, datacenters, high-finish industrial, commercial land and unique projects across metropolitan Phoenix and nationally. Mindy leads an investment sales team that includes Jenny Bassett, real estate analyst; Kelsey Robinson, client services coordinator; and Alyssa Smith, client services coordinator.

Mindy is focused on identifying investment opportunities, executing client strategy, establishing relationships between parties, and coordinating property financial analysis and due diligence. Her wealth of industry, market, property and financial intelligence provides clients with the information they need to make informed decisions and complete successful investment transactions.

She has completed transactions totaling more than 25 million square feet, and more than $3.2 billion in value.

Throughout her career, Mindy has been involved in each aspect of real estate, including new and rehab development, financial structuring deals in capital markets, leasing, management, site selection, network planning, acquisitions and dispositions programming, financial analysis and underwriting.

As a 40-year veteran of commercial real estate services and alum of CBRE/Trammell Crow Company, Mindy’s previous positions include Financial Manager, Director of Property Management and Certified Public Accountant at a Big 8 Firm.

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