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Elliot Bay Medical Properties Holdings III LLC Acquires Medical Office In Tucson For $5.5M

Property Image
SOLD
$5,500,000
Travis Ives
Gino J. Lollio

Arizona

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Medical Office15,000 SF
Sold 05/07/2025
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Property Image
SOLD

Elliot Bay Medical Properties Holdings III LLC Acquires Medical Office In Tucson For $5.5M

4881 East Grant Road

See Similar Deals
Medical Office15,000 SF
Sold 05/07/2025
Travis Ives
Gino J. Lollio
the dealplayerscompscontact
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Summary

ARIZONA
Asset Type:Medical Office
Price Per Square Foot:$366
Total Square Footage:15,000 SF
Transaction Type:Sale

A medical office located at 4881 East Grant Road has been sold for $5.5 million. This property spans 15,000 square feet in the Tucson, AZ market. Built in 2008 and renovated in 2024, the fully leased building is currently occupied by the Pain Institute of Southern Arizona.

Summary of transaction details:

  • Property Type: Medical Office
  • Transaction Amount: $5,500,000
  • Sale Date: 05/07/2025
  • Square Footage: 15,000
  • Price Per Square Foot: $367
  • Buyer: Elliot Bay Medical Properties Holdings III LLC
  • Seller: Hazen Enterprises
  • Brokers: Gino J. Lollio & Travis Ives - Cushman & Wakefield

The deal was facilitated by Gino J. Lollio and Travis Ives from Cushman & Wakefield, representing the parties involved in the real estate transaction. The sale underscores a significant investment in the healthcare sector within the Tucson area.

Players

Travis Ives
Cushman & Wakefield
Travis Ives
16 deals$493.4M volume
BROKER
Gino J. Lollio
Cushman & Wakefield
Gino J. Lollio
15 deals$482.4M volume(312) 338-7061
BROKER

Details

SOLD
IMAGE: 05/07/2025 ADDRESS: 4881 East Grant Road MARKET: Tucson, AZ ASSET TYPE: Medical Office BUYER: Elliot Bay Medical Properties Holdings III LLC SELLER: Hazen Enterprises BROKERS: Gino J. Lollio & Travis Ives - Cushman & Wakefield SALE PRICE: $5,500,000 SF: 15,000 ~ PPSF: $367 NOTE: Hazen Enterprises sold a 15,000-square-foot medical office at 4881 Grant Road in Tucson to Elliot Bay Medical Properties Holdings III LLC for $5.5 million. The Pain Institute of Southern Arizona occupies the fully leased property, built in 2008 and renovated in 2024.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$293,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$19,540.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,072.81
Annual Debt Service$312,873.67