2145 E Baseline Rd Tempe, AZ 85283

The property at 2145 E Baseline Road, Tempe, Arizona, is a 46,928-square-foot, 100% leased, single-tenant medical office investment. It is situated on a 4.61-acre site and is currently zoned PCC-1. The property serves as administrative offices and an urgent care clinic for NextCare Arizona LLC, a major provider with approximately 137 facilities across 10 states. The tenant has invested approximately $4 million in improvements to the facility, including a $2 million allowance. The building includes an approximately 3,000 SF urgent care clinic. The lease term extends through August 31, 2033, representing a WALT of 7.58 years. The lease type is Double Net (NN), with the tenant responsible for all operating expenses, including utilities, HVAC, and mechanical systems, while the landlord is responsible for the roof and ordinary structural maintenance. The roof is newly installed and remains under warranty. The current rental rate is $21.50/SF ($1,008,952 annually) through 8/31/2026, with a step-up to $23.50/SF ($1,102,808 annually) starting 9/01/2026. Renewal options include two five-year options at market rent with 2% annual increases. The property is strategically located near major regional landmarks including Arizona State University, Phoenix Sky Harbor International Airport, and Banner Desert Medical Center. It also includes annual cell tower income of $11,595.72 from T-Mobile West LLC.