Colliers International sells Chandler Medical and Dental Center building to local investor

Medical building offers attractive opportunity for 1031 exchange

Phoenix, March 16, 2020 – Chandler Medical and Dental Center, Building B, was sold to a Tempe-based investor as part of a 1031 exchange transaction. The 84 percent leased medical building offers an attractive investment opportunity within a strong market area. The property is located at 655 S. Dobson Road, just south of Chandler Regional Medical Center, the area’s Level 1 trauma center hospital and medical campus.

The two-story building, which was constructed in 2001, offers a variety of medical and dental suites. It is part of a two-building medical complex. This transaction involved a 22,537-square-foot office building and a portion of the undivided 3.42-acre common area within the condominium-structured development.

Building B is leased by five tenants that include Dignity Health Medical Group family practice and a physical therapy practice that operates in partnership with Banner. It has one vacancy of 3,667 square feet.

“Greater Phoenix has become a hub for the healthcare industry,” says Mindy Korth, executive vice president of Colliers International in Arizona. “Since 2002, the number of healthcare jobs in the Valley has grown three times the pace of the national average. The East Valley will remain a dynamic focal point for medical services and this property should continue to be fruitful as an investment.”

Chandler Medical and Dental Center, LLC, purchased the medical building as part of a 1031 exchange transaction. A partnership formed by McDowell Enterprises of Scottsdale was the seller. Korth and Sean Westfall of Colliers in Arizona represented McDowell Enterprises in the sale. Korth and Westfall, assisted by Matt Roach and Chris Roach of Colliers, also represented the buyer.

About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at, Twitter @Colliers and LinkedIn.

Colliers International in Arizona has served clients locally and globally for more than 35 years.

Related Experts

Mindy Korth

Executive Vice President


As executive vice president of investment properties with Colliers International, I am accomplished in all sectors of the investment real estate community, including office, medical office, retail, datacenters, high-finish industrial, commercial land and unique projects across metropolitan Phoenix and nationally. I lead an investment sale team that includes Sean Westfall, senior associate; Jenny Bassett, real estate analyst; Kelsey Robinson, client services coordinator; and Alyssa Smith, graphic designer.

I am focused on identifying investment opportunities, executing client strategies, establishing relationships between parties, and coordinating property financial analysis and due diligence. My wealth of industry, market, property and financial intelligence provides clients with the information they need to make informed decisions and complete successful investment transactions.

I have completed transactions totaling more than 25 million square feet, and more than $3 billion in value.

Throughout my career, I have been involved in each aspect of real estate, including new and rehab development, financial structuring deals in the capital markets, leasing, management, site selection, network planning, acquisitions and dispositions programming, financial analysis and underwriting.

As a 40-year veteran of commercial real estate services and alum of CBRE/Trammell Crow Company, my previous positions include Financial Manager, Director of Property Management and Certified Public Accountant at a Big 8 Firm.

View expert

Sean Westfall

Senior Associate


As a senior associate with Colliers International, I specialize in investment services in partnership with the team of Mindy Korth, executive vice president; Jenny Bassett, real estate analyst; and Kelsey Robinson, client services coordinator.

Our team specializes in investment sales across all property types and advises a wide range of clients from institutional and private capital investors to lenders, special servicers, REITs and foreign capital groups. Clients benefit from our team’s strategic advice, customized marketing strategies, detailed financial analyses and market knowledge.

On behalf of the team and our clients, I prepare investment and financial analyses of capitalization rates, cash flow and replacement costs. My responsibilities also include business development and database management. Through targeted marketing, I source and evaluate potential investment opportunities, as well as preparing listing proposals, presentations and broker opinions of value.

As a proactive partner to our clients and a diligent problem-solver, I am committed to delivering results. Meeting regularly with buyers, sellers, landlords, tenants, appraisers, property managers, and business and community leaders, I establish strong relationships.

Before joining the investment services team, I specialized in healthcare real estate services for Colliers, representing clients in the acquisition, disposition and leasing of healthcare real estate.

Prior to Colliers, I served as an office brokerage intern at CBRE in Phoenix, where I gained in-depth knowledge of commercial office leasing. Responsibilities including editing and maintaining an extensive property database and assisting in the property marketing process.

Previously, I was a retail strategist intern with DriveTime, where I completely redesigned a new interface for the company intranet and reformatted the car price sticker used across the United States. I was also a brokerage intern at GBC Partners, Inc., in New York City, a leading global brokerage company servicing the wholesale financial and real estate markets.

View expert

Chris Roach

Associate Vice President


As an associate vice president with Colliers International, I am a member of the Cooke Multifamily Team—one of the top multifamily teams in the nation. Our team includes Cindy Cooke, Brad Cooke, Matt Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Nicholas Solo, Aimee Healy and Kellyanne Kennedy.

The Cooke Multifamily Team focuses on institutional and private equity assets, ranging from core plus to workforce housing across the United States.

I have emerged as a proven leader within the multifamily market, with clients that include institutional, private equity and individual investors. My in-depth understanding of both investment sales and capital markets enables me to complete complex transactions, while ensuring a smooth process for all parties.

My experience includes market rate and affordable housing, bulk condominium sales, mixed-use, new construction, land and complex value-add transactions.

Clients and colleagues find me to be diligent, persistent, knowledgeable, trustworthy and responsive. My proven track record of success within an ever-changing marketplace has allowed me to forge deep client relationships while continually achieving superior results.

I joined Colliers in 2018, with extensive experience in sales, marketing and entrepreneurship. My background in both business and sports has given me exceptional skills in sales, analysis and negotiations.

Previously, I joined ORION Investment Real Estate in Phoenix in 2014, where I was a senior vice president of multifamily investment sales.

An early source for my drive and determination was my successful college career playing Division 1 baseball.

View expert

Matt Roach

Associate Vice President


As an associate vice president with Colliers International, I am part of the Cooke Multifamily Team—one of the top multifamily teams in the nation. Our team includes Cindy Cooke, Brad Cooke, Chris Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Nicholas Solo, Aimee Healy and Kellyanne Kennedy.

The Cooke Multifamily Team focuses on institutional and private equity assets, ranging from core plus to workforce housing across the United States.

My analytical nature and tenacity have made me a valuable member of our team. I am well-versed in financial modeling, forecasting and strategic positioning of multifamily assets. I maintain a keen pulse on the market through macro and microeconomic drivers that can affect individual property activity.

I serve as a trusted advisor to clients through my methodical and detail-oriented approach, enabling me to understand and advance my clients’ interests. Described as dedicated, hard-working and trustworthy by clients and colleagues, I pride myself on being available, accessible and responsive.

Prior to joining Colliers, I was a vice president of multifamily investment sales with ORION Investment Real Estate in Phoenix. My background also includes equity research, previously working at D.A. Davidson and MKM Partners, both middle-market investment banks, where I focused on providing industry-leading research, data and financial modeling for institutional clients, including Fortress, Citadel, BlackRock, T. Rowe Price and Fidelity.

My wife Mariah and I currently reside in Phoenix. I am actively with my church and support various nonprofit organizations, including Arizona Foster Care and Colliers AZ Cares charitable foundation. In my free time, I enjoy traveling, hiking, photography and fishing,

View expert