(Disclosure: Rose Law Group represents RX Health & Science Trust.)
RX Health & Science Trust has purchased an 88,472 square foot property located at 3345 South Val Vista Drive in Gilbert, Arizona to further expand its outpatient medical real estate portfolio in the Phoenix market. The acquisition was sourced off market. The business plan for the property, currently known as San Tan Commons, is to upgrade and re-position the profile of the asset to appeal to premier medical tenants while building upon existing healthcare tenancy which includes an ambulatory surgery center, a women’s health provider and a physical therapy operator.
Jesse Ostrow, Co-Founder and Chief Investment Officer of RXHST, states, “We are excited to add this property to our growing portfolio and offer medical tenants an opportunity to lease over 70,000 square feet of space at a highly visible and accessible location next to the strong and growing Dignity Health Mercy Gilbert Medical Center. With excellent frontage on the Loop 202 and being located along a major traffic arterial on Val Vista Drive, we look forward to adding an attractive option to medical tenants seeking space in the highly desirable Gilbert submarket.”
Russell Brenner, Co-Founder and President of RXHST, adds, “RXHST has had tremendous success with re-positioning our Copper Point investment in Gilbert through our platform’s ability to add value through high impact capital investments to upgrade the property quality alongside implementing our strategic leasing and management plan. We look forward to continued success in this submarket by creating a new and unique opportunity for medical tenants to move into brand new Class A space quickly and at attractive lease economics. Our ability to offer prominent building signage will appeal to larger tenants looking for an exceptional branding opportunity.”
Debt financing was provided by Byline Bank.
Philip Wurth, CCIM with CBRE, Inc. will be representing the landlord for leasing and can be reached at (602) 369-9261 or philip.wurth@cbre.com.
