Commercial Transactions

Fri, 02/18/2011 - 00:00 -- Jeff

Phoenix - Paradise Valley Medical Properties LLC in Phoenix (John Marshall, principal) paid just over $3.24 million ($168.06 per foot) to acquire a 19,280-square-foot shell office building at 4550 E. Bell Road in Phoenix. The seller was a company formed by investor Randy Stolworthy of RRS & Co. in Phoenix. The sale was negotiated by Phil Breidenbach, Peter Nieman and Lindsey Carlson of Colliers International in Phoenix, Megan Sherwood of Plaza Del Rio Management in Peoria, Tom Zarob of Pacific Capital Advisors in Phoenix and Colin Marshall of My Home Group Real Estate in Phoenix. Marshall intends to use most of the space to house his medical practice. On the same day of the purchase from Stolworthy, Paradise Valley Medical Properties resold 3,961 sq. ft. of the building. The buyer in that $740,196 transaction ($186.87 per foot) was a company formed by investor Steve Hymivitch of Phoenix. Hymivitch intends to use the space to house his dental practice. The structure is within the 45th Place office project. That nine-building, 104,210-square-foot complex, was developed by RRS & Co. All of that space has either been sold or is under contract to be sold.