By Kelsi Maree Borland
GLENDALE, CA—Cypress West Partners has acquired a 76,758-square-foot medical office property for $29 million from an unnamed seller. Located at 1500 E. Chevy Chase Drive in Glendale, the property sits on a .7-acre lot. The building has four stories and is on the Glendale Adventist Medical Center.
“This was a good acquisition for the buyer because the property is on the campus of a major hospital and the building is a newer building; it was built in 2008,” Mark E. Braham, a broker with Daum Commercial Real Estate services, tells GlobeSt.com. “So, it had those two factors, plus it was almost 100% occupied, which Cypress West Partners really liked.” Braham represented the buyer in the transaction.
Cypress West Partners purchases medical office properties in Nevada, California and Arizona. “They have only been in business since July of 2013, but they are growing very rapidly,” says Braham. The buyer purchased this property in an off-market transaction.
Several medical office properties have traded hands recently in the greater Los Angeles submarkets. The most recent property to make headlines was the sale of Ventana Medical Plaza for $32 million. “I think the medical office building market is increasing in trades. The owners seem to be more willing to sell their properties as off-market transactions; therefore there is no competition,” says Braham. “My buyer prefers to buy off-market transactions where there is no competition.”