1031 exchange buyer sees value in Midtown Phoenix medical market
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.
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