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10/28/20
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Cypress West Partners has purchased two single-story medical office buildings located at 2264 and 26232 North Tatum Blvd in Phoenix. Known as Tatum Highlands Medical and Dental, the buildings, at 87% occupied, encompass a 27.2k sf medical office and 5.7k sf dental office.
Tatum Highlands Medical and Dental is the exclusive suburban medical complex serving the residential communities north of Desert Ridge including Cave Creek. Built in 1998 and 2000, the properties are leased to medical and dental professionals with a majority of tenants that have occupied the building for more than five years. Tenants at the buildings include anchor HonorHealth Medical Group along with Desert Sun Pediatrics and Jet Set Smiles Pediatric Dentistry.
Cypress West represented itself in the joint venture transaction with private investors. The seller, a public REIT, was represented by Aaron Kuhl, designated broker, Medical Office Brokers. The terms of the transaction were undisclosed.
This transaction marks Cypress West’s 10th acquisition in the AZ MOB market. The firm currently has a total of 10 properties with over 428k sf of medical office space located throughout the state.
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