March 5, 2020
Klingbeil Capital Management sold the Scottsdale Medical Pavilion, a 53,157-square-foot multitenant medical building in Old Town Scottsdale to a private real estate ownership group. CHP Scottsdale Medical Pavilion LLC, 2121 Canyon LLC and Holdings LLC acquired the property at 7331 E. Osbom Rd. for $9.2 million.
Kathleen Morgan, Tisha Talbot and Michelle Rae with NKF represented the seller in the value-add transaction. The value-add component comes from short-term tenant leases at below-market rental rates.
“We promoted the opportunity to a select group of buyers, and identified a well-established medical office building owner interested in purchasing the architecturally creative, fee-simple, multitenant asset,” Morgan said. “This transaction supports the nation-leading macroeconomic and demographic trends driving investor demand for medical properties in Phoenix.”
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