Rancho Santa Margarita, CA (July 31 2019) — Cypress West Partners a Southern California-based healthcare investment, development, leasing and property management firm, has announced the acquisition of Desert Mountain Medical Plaza, a 40,485-square-foot, two-story medical office property located adjacent to the Honor Health Scottsdale Shea Medical Center. Scottsdale Shea Medical Center is a 425-bed hospital with more than 2,102 physicians and employees owned and operated by Honor Health.
Cypress West acquired the high-profile medical office building, located at 9220 E. Mountain View Street in Scottsdale, AZ, in a joint venture with private investors. This transaction marks Cypress West’s 26th acquisition since the company was founded in 2013. Cypress West’s Chris Cumella noted “We are very excited to close this acquisition. The Scottsdale market has proven to be a great success for our investors and we believe that this most recent investment will prove to be no exception”.
Built in 1985, the property is 89 percent occupied. Recent property improvements include a new roof, new parking lot, exterior paint and landscaping.
“This acquisition continues to scale a market that we consider to be right in our backyard,” said Chris Cumella, partner, Cypress West Partners. “We’re excited to add another high-quality asset to our Arizona portfolio.”
“Our goal is to build upon what was started by the previous ownership and continue to attract high quality medical tenants that are looking for quality patient experience close to the Scottsdale Shea Medical Center,” said Jeff Johnson, partner, Cypress West Partners.
With this acquisition, Cypress West’s Arizona portfolio now includes more than 500,000 square feet of medical office space in 13 buildings.