Cypress West Partners Acquires 30,000 SF Medical Office Building in Mesa, AZ for Major Repositioning and New Lease
Cypress West Partners has completed the acquisition of a 30,000- square-foot single-story medical office building located at 6309 East Baywood in Mesa, Arizona. The firm acquired the 100% vacant building from a group of local physicians who originally developed the building in 2002 and have operated a practice there until recent retirement.
Along with the acquisition Cypress West announced a new lease for 20,000 square feet of space with a leading cardiology practice with plans to establish a flagship clinical Mesa location. This move and investment will bolster the strong medical corridor that already exists around the Banner Baywood Medical Center. Greg Guglielmino of Lee & Associates represented the tenant, and Cypress West represented itself.
Cypress West is investing more than $3 million in capital improvements to the building including roof, mechanical and site improvements as well as modernizing an existing 10,000-square-foot ambulatory surgery center to current licensure standards and code providing two operating rooms, with an ability to increase to four. The repositioning will be completed by September 2023.
“There are very few plug and play surgery centers available in the market and we feel with the improvements we are making to the building that we will have a very desirable lease offering for a myriad of ASC operators to consider. As compared to a ground up building, and with the improvements that are now underway, the economic offering of this building is unmatched in the Phoenix market,” said Jason Anzalone, managing director of development, Cypress West Partners.
The Cypress West Partners portfolio includes close to 2 million square feet of medical office properties located across the U.S, including more than 250,000 square feet of medical office properties currently in various stages of development.
Steve Berghoff and Mark Haslip of Menlo Group are handling leasing for the property.
About: Based in Southern California, Cypress West Partners was formed through strategic affiliations with the purpose to acquire, develop and manage healthcare properties on a national basis. The firms align with like-minded project partners and implements with the highest level of real time, real estate experience and knowledge in the marketplace. Learn more at www.cypresswestpartners.com.