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September 22, 2021
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Cypress Office Properties and Harbert Management Corporation Spend $37 Mil on AZ Medical Office Project

8/24/21

A joint venture of Cypress Office Properties and Harbert Management Corporation has acquired The Arc (fka. Stapley Corporate Center), a 180.1k sf, Class A office project in Mesa, AZ. The asset was sold by Buchanan Street Partners for $37 mil ($205/sf).

Built in 2007/2008, The Arc consists of two two-story buildings situated on over 14 acres at 1840 and 1910 South Stapley Drive in the Phoenix Metro area. The complex is 87% leased to a tenant roster of physician-occupied (23%) and medical-related (40%) users that combine for nearly 70% of the project’s occupancy.

The property was originally developed by Desco Southwest and features dramatic architectural design elements that include two-story lobbies with sky-lit, vaulted barrel ceilings. The expansive, east-facing elevation flanks a striking landscaped, circular center drive, providing a dramatic entrance to the campus and inviting of a medical office reposition.

Over 2,200 hospital beds are positioned with a 15-minute radius of The Arc and account for 17% of all hospital beds in the State of Arizona. In addition to the wide-ranging lineup of general and specialty hospitals in the Southeast Valley, the area surrounding The Arc has multiple healthcare facilities that are equipped for outpatient procedures, imaging, emergency services, and general medical care.

Cushman & Wakefield’s capital markets team of Chris Toci and Chad Littell handled the transaction on behalf of both parties. The firm’s Sheila Bale, Tom Weinhold, and Kristina Cutillo provided medical leasing advisory.

“Due to strict regulations for medical professionals about work from home (WFH), we are confident that The Arc is an ideal Class A office project for complete conversion to medical office,” said Chris Toci, Executive Managing Director.






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