Cushman & Wakefield Reps Buyer in 16,919 SF Medical Building Purchase
PHOENIX, Oct. 22, 2018 – Cushman & Wakefield announced that Dr. Remus Repta (Repta Properties, LLC), a board-certified plastic surgeon, purchased Scottsdale Medical Building. Phoenix-based 6 Turns, LLC sold the property located at 3271 N. Civic Center Plaza in Scottsdale, Ariz. for $3.4 million.
Sheila Bale, Ryan O’Connor and Tom Weinhold of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the buyer.
“By taking my Plastic Surgery practice to the next level, my patients, my staff, and this building will all share in the ideas, hard work, and dedication that have been my surgical practice for the last decade. The facelift that the building will receive will be more of a re-birth into arguably the best use it has ever had,” said Dr. Repta.
Scottsdale Medical Building is centrally located in Old Town Scottsdale and is 16,919 square feet (sf). Built in 1984, Dr. Repta plans to renovate the entire interior and exterior into a Class C surgery center. The new space will provide two operating rooms and additional clinical space for tenants.
“Dr. Repta is an amazing surgeon who transforms figures and lives. He and his team will transform the Scottsdale Medical Building into a stunning and elegant retreat,” said Bale.
According to Cushman & Wakefield research, medical office building demand increased in the second quarter of 2018 with 53,036 sf of positive absorption. The overall vacancy rate decreased to 16.7%, from 17.6% last quarter, which is the lowest rate in 10 years. The South Scottsdale market is showing extremely low vacancy for both leasing and sales.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.