CBRE Facilitates $12.8 Million Sale of Three-Building Medical Office Portfolio in Greater Phoenix

CBRE facilitated the $12.8 million sale of a three-building medical office portfolio totaling 98,477 square feet in the Phoenix Metro area. Geoffrey Turbow, Emily Minnier, Brian Butler and W. Glenn Dyke of CBRE represented the seller, a national healthcare company, across the three transactions.

The portfolio consists of the following properties:

• 5891 W. Eugie Ave. in Glendale, a 35,845-square-foot, two-story medical office building;
• 2302 N. 75th Ave. in Phoenix, a 44,000-square-foot, two-story medical office building; and
• 1717 W. Chandler Blvd. in Chandler, an 18,632-square-foot, single-story medical office building.

MCR Companies, a real estate and private equity investment company completing a 1031 exchange, acquired the properties in Glendale and Chandler. Empower College Prep purchased the asset in Phoenix with the intention of occupying the premises.

"This portfolio presented a rare opportunity to acquire institutionally improved medical office assets across three of Phoenix's most established health care corridors," said Geoffrey Turbow, senior vice president with CBRE. "The level of buyer interest generated, from medical investors to owner-users, validated both the quality of these assets and the strength of the Greater Phoenix market. We're proud to have delivered a seamless, full-portfolio outcome for our client."

All three buildings are positioned near flagship health system campuses in their respective submarkets: Banner Thunderbird Medical Center in Glendale, Banner Estrella Medical Center in Phoenix, and Dignity Health Chandler Regional Medical Center in Chandler.

The portfolio includes a mix of vacant and partially leased space, adaptable clinical layouts and parking intended to accommodate medical office uses. The three properties span approximately 9.3 acres.

According to CBRE Research, U.S. medical outpatient building investment volume increased 24% year over year in the second quarter of 2026 to $2.7 billion. Average asking rents reached a record $25.46 per square foot, while the sector recorded its fifth consecutive quarter of positive net absorption.