Medical Office Complex for Sale in Gilbert
Baseline Professional Plaza 2451 E Baseline Rd Gilbert, AZ 85234
- 39,315 Square Feet
- Healthcare-Medical Office
- For Sale
Opportunity to acquire Baseline Professional Plaza, a ±39,315-square-foot medical office complex located at 2451 E. Baseline Road in Gilbert, Arizona. Property is 97 percent leased to 15 tenants. Sale price is $7,175,000 ($183 per square foot). Visit our property website to view the offering memorandum.
Built in 1995, as the surrounding neighborhoods were also constructed, the synergistic tenant mix includes the variety of medical providers appropriate for the nearby residents, ranging from pediatric, dental, wellness center, physical therapy, chiropractic, and arthritis care to specialized services, such as pediatric occupational therapy, opioid intervention counselling and rheumatology.
Just south of US Highway 60, the property is conveniently located along the east valley’s busiest arterial road—Baseline Road—between Gilbert Road to the west and Lindsay Road to the east. The four single-story, exterior-loaded buildings are situated in two generously landscaped building envelopes that include two attractive, landscaped courtyards. Tenant entrances are from the courtyards, as well as at various locations around the buildings’ perimeters.
The property offers investors an opportunity to purchase a stable, ideally-located, multi-tenant medical office property with an outstanding tenant mix, strong operational history and growing cash flow. With strengthening market conditions, investors can enjoy secure cash flow, upside through renewing at market rental rates, as well as accelerated rental growth in the future and assume an existing loan with favorable terms.
All of the current rental rates were established before the market began its recovery and are at levels substantially below replacement cost values, and below current market rates. It is projected that net operating income could grow by 3 percent to 5 percent annually. At the end of a 10 year hold, net operating income is projected to grow by more than 40 percent.
Stability with minimal near term rollover
Three leases, occupying only 13.5 percent of the building, expire during the first 24 months. The remaining expiration schedule is comfortably spread over the third through sixth years. As these leases renew, the owner is projected to enjoy substantial growth in rental rates.
Price: $7,175,000 USD
Lot Size: 150,456 Square Feet
Building Size: 39,315 Square Feet
Area Available: 39,315 Square Feet
±3.45 acres (±150,456 SF)
GC, city of Gilbert
Number of Tenants
- Excellent mix of tenants in a convenient site plan
- The synergistic mix of medical practices are very appropriate for the surrounding neighborhoods, which includes 12 medical and three non-medical tenants.
- The excellent site plan has convenient access with three curb cuts, easy site circulation, and generous parking that surrounds the buildings.
- Just south of US Highway 60, the property is conveniently located along the East Valley’s busiest arterial road—Baseline Road—between Gilbert Road to the west and Lindsay Road to the east.
- The newly upgraded monument signage and newly painted buildings further promotes the property’s visibility.
- This site is within four miles from Banner Gateway Medical Center and six miles from Banner Desert Medical Center.