Rancho Santa Margarita, CA (May 22, 2018) — Cypress West Partners, a Southern California-based healthcare investment, leasing and property management firm, has acquired a class A medical office building in Phoenix in a joint venture with MedProperties Holdings LLC, a national, healthcare-focused real estate private equity firm headquartered in Dallas. This transaction marks Cypress West’s 8th acquisition with MedProperties.
The two-story 50,040-square-foot medical office building, located at 9520 West Palm Land, is 95 percent occupied with major tenants that include: Cardiac Solutions, Arizona Arthritis & Rheumatology Associates and University of Phoenix.
Cypress West Partners and MedProperties were represented by Kidder Matthews in the transaction for the property known as West 101 Gateway, with the seller, who was represented by CBRE.
“We are excited to add another high-quality asset to our Arizona portfolio. Our goal with this acquisition is to build upon the work of the previous ownership and continue to attract high-profile medical tenants that are looking for a quality patient experience in close proximity to the 317-bed Banner Estrella medical campus,” said Jeff Johnson, partner at Cypress West.
According to Johnson, the firm’s immediate plans include new signage for the property and additional covered parking.
“We believe this medical market is strong, growing, and dynamic highlighted by the ongoing expansion of Banner hospital,” said Chris Cumella, partner at Cypress West. “We are pleased to push this one across the finish line and continue to build on our relationship with MedProperties.”
Built in 2004, West 101 Gateway benefits from a prominent location at the intersection of the 10 and 101 freeways, approximately .25 miles from the Banner Estrella Hospital.
With this acquisition, Cypress West’s Arizona portfolio now includes more than 400,000 square feet of medical office space in 10 buildings.