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- LoopNet Team
1242 E McKellips Rd
Mesa, AZ 85203
Retail Property For Sale
INVESTMENT HIGHLIGHTS
- The Property is 100% leased to English Dermatology, an affiliate of West Dermatology Family of Clinics, on a recently extended lease through 3/2024
- The Stapley & McKellips Plaza Condominium Association maintains the exterior of the building and common areas, creating an ease of management scenario
- Excellent 3.00% annual rental increases.
- The Property features excellent visibility along McKellips Road which boasts over ±36,200 vehicles per day.
EXECUTIVE SUMMARY
CBRE Investment Properties has been retained by the owner on an exclusive basis with respect to the disposition of a single-tenant medical office building fully leased to English Dermatology, an affiliate of West Dermatology Family of Clinics, located at 1242 East McKellips Road - Suite 103, within Stapley & McKellips Plaza in Mesa, Arizona (the “Property”). Prominently positioned on the northeast corner of Stapley Drive & McKellips Road, this ± 3,000 square-foot office condominium is 100% leased to English Dermatology on a recently executed 5-year lease renewal featuring attractive 3.00% annual rental escalations. English Dermatology is a proud partner of the West Dermatology Family of Clinics (61 clinic location), a rapidly growing practice management group focused exclusively on clinical research, medical dermatology services, and cosmetic dermatology. The tenant has occupied the Property since 2012 with approximately ±3.50 years of lease term remaining, making this an ideal investment opportunity for an investor seeking passive income from a well-located, medical office asset. English Dermatology’s suite was last renovated in 2012 and is positioned directly between Wells Fargo Bank and 99 Cents Only within Stapley & McKellips Plaza, adjacent to Papa Murphy’s Pizza in Mesa, Arizona. The Property is situated in a highly trafficked trade area just north of Mesa Fry’s Marketplace Shopping Center which features: Chipotle, Subway, T-Mobile, Banfield Pet Hospital, SuperCuts, Cricket Wireless, Fry’s Fuel and Taco Bell, among many others. English Dermatology boasts excellent visibility and an attractive design at the McKellips Rd and Stapley Dr intersection, which features over ±52,000 vehicles per day. (Source: City of Mesa 2019) The Property presents an excellent opportunity for an investor to purchase a single-tenant medical office condominium 100% leased to English Dermatology on a recently extended lease and located in the fast-growing Southeast Valley of metropolitan Phoenix.
PROPERTY FACTS
