Staff Reports | Business & Construction
A 92,109-square-foot medical office building in Gilbert has been sold to Fidelity Investments.
Copper Point, located at 3530 S. Val Vista Drive, was acquired by the Boston-based investment firm from a joint venture between Chicago-based RX Health & Science Trust and Transwestern Investments. The property was fully leased at the time of sale, according to a press release.
The seller was represented by Travis Ives, Gino Lollio and Tyler Morss of Cushman & Wakefield’s Healthcare Capital Markets Team.
“The combination of durable in-place cash flow, a best-in-class tenancy profile, and the recent capital investments resulted in a 100% long-term leased multi-tenant property that was appealing to core medical office buyers,” Travis Ives said.
The sale concludes a business plan by RX Health & Science Trust and Transwestern Investments that included increasing occupancy, completing capital improvements and growing net operating income at the property.
“Phoenix remains a top market for medical office investment, and we look to continue to find additional assets like Copper Point where the RXHST platform can add value through our focus on delivering enhancements to leasing strategy and execution, operational improvements and targeted capital investments,” Jesse Ostrow, chief investment officer of RX Health & Science Trust, said.
Copper Point is a three-story, Class A medical office building anchored by City of Hope. The oncology provider has invested in the property, including installation of a linear accelerator used to provide radiation therapy treatments.
The building is found across from the 292-bed Dignity Health Mercy Gilbert Medical Center and offers access to Loop 202. The property serves healthcare providers operating in the East Valley and is positioned within the growing Gilbert medical corridor.
Mr. Ives said the combination of occupancy, tenant mix and recent improvements attracted interest from investors seeking medical office assets.
The transaction marks the second Phoenix-area medical office sale completed this month by Cushman & Wakefield’s Healthcare Capital Markets Team. The first was the sale of Stapley Medical Center in Mesa, where RX Health & Science Trust served as the buyer.
The healthcare-focused investment sales team includes Mr. Ives, Mr. Lollio and Mr. Morss, who specialize in medical office, rehabilitation hospital and specialty healthcare real estate transactions throughout the United States.
