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San Francisco Investor Buys St. Luke’s Medical Building for $8.45 Million

08/27/2014

San Francisco Investor Buys St. Luke’s Medical Building for $8.45 Million
Cassidy Turley’s Eric Wichterman and Mike Coover Represent Buyer and Seller

PHOENIX – August27, 2014 – Cassidy Turley, a leading commercial real estate services provider in the U.S., has announced the successful sale of a ±49,816 square foot medical office building at 555 North 18th Street in Phoenix’s Downtown Submarket. San Francisco-based Stockbridge Funds purchased the property for $8.45 million ($169.62/psf) from Chicago-based Heitman Real Estate Investment Management.

Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer and seller.

Built in 2006, St Luke’s Medical Building is a multi-tenant medical office project on 5.63 acres. The property is located north of Van Buren Street on 18th Street, adjacent to St. Luke’s Medical Center and one-half mile from Interstate 10. St Luke’s Medical Building was 86% occupied at the time of sale. The new owner plans to hold the property and continue to lease-up the remaining space.

About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.

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08/27/2014 - 17:09

Source

DTZ

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