GPE Commercial Advisors, one of the oldest privately owned commercial real estate firms in Arizona, secured the sale of a 2,800 SF medical office condo located at 10750 West McDonald Road, Suite B210 in Avondale. The property sold for $700,000 ($250/SF), at an 8.2% CAP rate on current income. Rubystone, L.L.C. closed escrow with a 1031 exchange on the condo.
Senior Vice President, Bret Isbell represented the Seller, McDowell Asset Management, L.L.C.. Tom Kuffler of Civic Asset Management, Inc. represented the Buyer.
The condo is currently occupied by Select Medical Physical Therapy, with a multi-year lease.