Overview
Marcus and Millichap is pleased to offer the opportunity to acquire 10213 N. 92nd St Suite H-101, Scottsdale, AZ (the “Property” or “Asset”), a ±4,322 square foot class A Medical office condominium leased to a premier medical practice via a sale leaseback. The Asset is located in North Scottsdale and Paradise Valley’s preeminent medical corridor and adjacent to Honor Health’s Scottsdale Shea Medical Campus.
This generational piece of real estate is offered as a direct sale leaseback to The Pain Experts of Arizona, PC, who will execute a new 10-year NNN lease, commencing at close of escrow. The lease will be structured with 3.00% annual rent increases over the life of the lease and will include two (2), five-year renewal options at 95% of fair market rental rates.
This state-of-the-art facility recently underwent an interior renovation in 2024, at total investment of over $350,000 ($80/SF), prior to the Pain Experts of Arizona taking occupancy.
Investment Highlights
- State of the art facility with significant improvements completed in 2024
- New lease will commence at closing with 10 years of firm lease term
- NNN lease with minimal landlord responsibilities
- Favorable 3.0% annual rent escalations throughout the lease term
- The Asset is the most recently renovated medical office asset in the submarket
- The Ironwood Village Office Park condominium complex is comprised of 108,011 SF and is 95% leased/ occupied (The 10-year historical occupancy is 97%)
- Centrally Located in Scottsdale and Adjacent to Paradise Valley, Arizona’s Most Affluent Community
- Core Scottsdale location just off Shea Boulevard and the Loop-101 Freeway
- Scottsdale is seeing rapid growth and capital migration across education, residential, office and healthcare sectors
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Sales Team
