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Medical Condo For Sale • 7,784 SF
| Name | Condo Use | Size | Price | Details |
|---|---|---|---|---|
| 1st Floor - Unit 120/125 | Medical Office | 7,784 SF | $2,950,000 USD | |
DescriptionSVN Desert Commercial Advisors is pleased to present, on behalf of the owner this leased investment opportunity located at 9590 E Ironwood Square Dr #120/125. Currently leased to Optum Care on an initial 5-year MG lease, this property is a perfect investment for any investor wanting a quality tenant, in a highly desirable location with potential long-term capabilities and a strong value add component. Currently priced below replacement cost this condo is leased to Optum Care, which is a part of Optum, Inc. a subsidiary of United Health Group, one of the world's largest healthcare organizations. Optum who has occupied the space since 2016 was as 4C Medical Group and at lease renewal converted to a modified Gross style lease. The landlord gets reimbursed for CAM fees, Insurance, and Taxes but is responsible for HVAC. The Tenant, also at lease renewal, deployed their own capital to renovate parts of the property and modernize the space. Further, from a value add standpoint, the lease is currently only observing the property's net square footage, effectively lowering the rent to well below market for a medical property in this part of town and allowing any investor to apply the gross square footage at least renewal and increase the rents to market standards and observe a significant increase in net operating income. |
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Located off of Ironwood Square Dr., at the crossroads of E Mountainview Rd and N 96th St, this ±7,784 SF condo is easy to get to from anywhere in the valley and is located just east of the Loop-101 in Scottsdale, Arizona. Within immediate proximity of the property are a variety of retail amenities such as Scottsdale Fiesta Shopping Center anchored by Fry's, Sprouts, and The Home Depot. Additionally, the property's location and cross streets place multiple retail lifestyle centers within a ten-minute drive, including, Fashion Square Mall, Scottsdale Pavilions at Indian Bend Rd, Scottsdale Quarter and Kierland Commons. Additionally, the property is walking distance from the HonorHealth Scottsdale Shea Medical Center in the medically dense Ironwood Courtyard development and directly adjacent to Ironwood Village and Ironwood Office Suites, both of which contain multiple similar medical tenants.
| Tenant has been in place since 2016 |
| 4C Medical Group was bought out by Optum Inc in 2019 |
| Tenant modified and extended lease to September 2028 |
| Tenant just finished Tenant Improvements to property, at their own cost and expense |
| Tenant reimburses for CAM, Insurance, Taxes, and Management (Up to 4%) |
| Landlord responsible for HVAC |
| Airport | Drive | Walk | Distance |
|---|---|---|---|
| Phoenix Sky Harbor International | 27 min | - | 17.8 mi |
| Phoenix-Mesa Gateway | 46 min | - | 32.8 mi |
| Parking Available: | Yes |
| Reserved: | No |
| Spaces Provided: | 100 |
| Type: | Surface |
| Included in Rent: | Yes |
Richard Lewis
SVN | Desert Commercial Advisors
Richard Lewis
SVN | Desert Commercial Advisors