70,789 Assisted Living Facility Sold
Phoenix, AZ – February 10, 2012 – (RealEstateRama) — GPE Healthcare Investment Group (gpehealthcareinvestmentgroup.com), a commercial real estate team representing medical and healthcare investment interests in the Southwest, announced the sale of Concorde Assisted Living Center in Las Vegas, Nevada.
IMH Financial Corporation (seller) sold the 70,789 square-foot property on 4.97 acres of land to Forterus, Inc (buyer), an established healthcare provider specializing in substance abuse treatments, for $5,000,000 ($70.63 per square foot).
Concorde is a 101-room healthcare facility located at 4625 East Twain Avenue in Las Vegas. Originally owned and operated by Assisted Living Development Company Inc. (Aldco), the company declared bankruptcy and closed the center in January 2010.
The two-story building built in 1997 includes 14 one-bedroom units, 87 studio units, commercial kitchen, dining hall, recreation room, and laundry facilities. The property is adjacent to Comprehensive Cancer Centers of Nevada and close to Desert Springs Hospital, Snow Medical Center, and Kindred Hospital.
Trisha A. Talbot, CCIM, Julie A. Johnson, CCIM, and Kathleen M. Morgan, CCIM, of GPE Commercial Advisors and Neil Sorkin of Cushman & Wakefield (Las Vegas, NV) represented the seller, IMH Financial Corporation.
The buyer, Forterus, Inc, was represented by company chairman, Michael Cartright.
About GPE Companies
Established in 1973, GPE Commercial Advisors and GPE Management Services (gpe1.com) are the premier providers of award-winning, commercial real estate sales, leasing, property management and consulting solutions for business, office, medical, dental, retail and industrial properties in the Greater Phoenix Metropolitan area.
2011 Ranking Arizona ranks GPE Commercial Advisors as the Valley’s #1 commercial real estate company and GPE Management Services among the top ten property management companies. GPE has also been named a Top Leasing Firm by CoStar Power Broker Awards, and one of the Valley’s “Best Places to Work” by Phoenix Business Journal.
GPE Commercial Advisors
2777 East Camelback Road, Suite 230
Phoenix, Arizona 85016
480-994-8155 | www.GPE1.com