An entity affiliated with Montecito Medical Real Estate acquired the medical office property at 1675 E. Melrose St. in Gilbert on March 24 for $25.125 million, according to commercial real-estate website vizzda.com.
The seller was an entity affiliated with SPHERE Investments. No debt was recorded in connection with the transaction.
The property is a Class A medical office building comprising about 49,600 square feet, according to marketing materials, and 50,513 square feet, according to the Maricopa County Assessor.
