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3/30/16
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In a recent medical office buy in Arizona, a joint venture of Cypress West Partners and MedProperties Holdings LLC has purchased Mountain View Medical Plaza, a three-building, 72.9k sf campus in Scottsdale. The asset, located at 9700 North 91st St, with immediate adjacency to the HonorHealth Scottsdale Shea Medical campus, was sold by LNR Property LLC. The price was not disclosed.
Mountain View Medical Plaza consists of all two-story buildings. Built in 1985, the property is considered a market-best medical office asset located within walking distance to a premier Scottsdale healthcare provider. It is currently 63 percent occupied with major tenants Scottsdale Medical Imaging, Specialty Orthopaedic Surgery and Arizona Pulmonary Specialist.
MedProperties Holdings LLC is a national, healthcare-focused real estate private equity firm headquartered in Dallas. Based in Southern California, Cypress West Partners is a healthcare investment, leasing and property management firm. The joint venture also includes substantial investment from two of the building’s major tenants: Scottsdale Medical Imaging and Specialty Orthopaedic Surgery. The transaction marks the third Scottsdale acquisition for Cypress West and Med Properties in the last 12 months.
“This asset fits well into our acquisition strategy and provides significant upside on two fronts. We formed a strategic alliance with two major healthcare providers in the market to assist with their immediate real estate demands and the investment solidifies our commitment to this recovering submarket. Scottsdale has the perfect demographic and this medical office campus is in an ideal location near a high-profile healthcare provider. It also represents one of the few remaining quality assets near the campus with large blocks of contiguous space.” said Christopher J Cumella, partner, Cypress West Partners. With this acquisition Cypress West now has an Arizona medical office portfolio that exceeds 300k sf of space.
Rich Andrus with Menlo Group Commercial Real Estate represented the buyer in the transaction and will handle leasing for Mountain View. Menlo Group was instrumental in bringing the groups together to form the joint venture.
As part of its ownership plan, Cypress West will conduct a complete property refresh including new exterior paint, new signage, landscaping upgrades, and lobby and hallway renovations. The team has also committed a significant amount of capital for tenant improvements to attract some of the area’s top physicians.
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