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4/05/23
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Cypress West Partners has begun work on a 22k sf, Class A medical office development in Queen Creek, AZ. Located at the intersection of Signal Butte Rd and Ocottillo Rd, the new single-story building is just two miles south of the new SR 24.
Construction is expected to be completed by the third quarter 2023 with tenant move-in by fourth quarter 2023. The property is the only off-campus for lease medical office building in the town of Queen Creek. Cypress West acquired the 2.5-acre parcel at the end of 2022.
The development team on the project includes Campbell Development (General Contractor), Dalke Design (Project Architect), Civil & Environmental Consultants (Civil Engineer) and Design Ethic (landscape architect). Mark Haslip at Menlo Group has managed the leasing efforts to date.
According to Jason Anzalone, managing director of development, Cypress West Partners, the new building, named Ocottillo Medical Collaborative, was 87% leased prior to start of construction to a mix of service oriented medical tenants. Negotiations are under way for the remaining space within the building.
“Medical office is not immune to global economic conditions and volatility, but we’ve seen that the product type remains a fundamentally strong asset class,” commented Anzalone. “While there is an unfolding reset of the valuation landscape, the fundamentals should continue as capital continues to be selective on deployment strategies. The demand we’ve seen for medical office space in Arizona for example is proof that this product type when developed to such quality will remain sought-after.”
The Cypress West Partners portfolio includes close to 2 msf of medical office properties located across the U.S, including more than 250k sf of medical office properties currently in various stages of development.
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