Menlo Group Announces $3.3 Million Sale of Phoenix Multi-Tenant Medical Office Building

An 18,768 sq. ft. medical office building located at 740 E. Highland Ave. in Phoenix has changed hands.

Tempe, AZ, January 6, 2026–Menlo Group Commercial Real Estate has announced the sale of 740 E. Highland Ave. in Phoenix for $3.3 million with a 7 percent cap rate. The 18,768 sq. ft. multi-tenant medical office building was purchased by RWJ Phoenix, LLC.

The property generated immediate interest upon going to market, receiving multiple offers from owner/users, investors and developers. The building’s medical tenancy, location, and long-term viability contributed to strong demand.

The seller, Dermadent Holdings, LLC, was represented by Stuart Milne, SIOR, CCIM, and Rich Andrus, MBA, SIOR, CCIM, of Menlo Group.

“This transaction required a strategic approach given the volume and variety of interest we received,” Milne said. “Our priority was identifying the right buyer for the seller while also considering the existing tenant relationships within the building.”

The property closed within a few months of hitting the market, reflecting continued demand for well-located medical office assets in the Phoenix metro area.

“We focused on creating a competitive environment while remaining intentional about buyer selection,” Andrus said. “That balance allowed us to deliver a strong outcome for the seller and support the long-term stability of the property.”

The sale of 740 E. Highland Ave. highlights Menlo Group’s experience in medical office transactions and its commitment to providing thoughtful, client-focused representation across Arizona.

“Menlo not only helped me sell my dental practice at a premium but also facilitated the sale of the building my practice was in,” said Dr. Scott Keith, the seller. “Previous agents had the listing for over two years with no movement, but once I listed with Menlo, they brought me a buyer within four months and closed quickly on the building without any major issues. They are the best, and I would wholeheartedly recommend them.”

About Menlo Group Commercial Real Estate

Menlo Group is a full-service commercial real estate brokerage headquartered in Tempe, Ariz. We specialize in buyer/tenant representation, seller/landlord representation, investment services, and real estate consulting. We exist to support clients, advisors, and employees in their professional objectives through effective real estate strategies. To learn more, visit menlocre.com.