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7/18/18
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Cypress West Partners has acquired a 50k sf, Class A medical office building in Phoenix in a joint venture with MedProperties Holdings LLC, a national, healthcare-focused real estate private equity firm headquartered in Dallas. This transaction marks Cypress West’s 8th acquisition with MedProperties.
The two-story medical office building, located at 9520 West Palm Land, in close proximity to the 317-bed Banner Estrella medical campus, is known as West 101 Gateway. The property is 95% occupied with major tenants that include: Cardiac Solutions, Arizona Arthritis & Rheumatology Associates and University of Phoenix.
Cypress West Partners and MedProperties were represented by Kidder Matthews in the transaction. The seller was repped by CBRE.
According to Jeff Johnson, partner at Cypress West, the firm’s immediate plans include new signage for the property and additional covered parking. Built in 2004, West 101 Gateway benefits from a prominent location at the intersection of the 10 and 101 freeways, approximately .25 miles from the Banner Estrella Hospital.
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