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5/17/23
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Cypress West Partners purchased a 30k sf, single-story medical office building in Mesa, AZ. The 100% vacant building, located at 6309 East Baywood, was sold by a group of local physicians who originally developed the building in 2002 and have operated a practice there until recent retirement.
In addition to the acquisition, a leading cardiology practice leased 20k sf at the property with plans to establish a flagship clinical Mesa location. This move and investment will bolster the strong medical corridor that already exists around the Banner Baywood Medical Center.
Cypress West is investing more than $3 mil in capital improvements to the building including roof, mechanical and site improvements as well as modernizing an existing 10k sf ambulatory surgery center to current licensure standards and code providing two operating rooms, with an ability to increase to four. The repositioning will be completed by September 2023.
Greg Guglielmino of Lee & Associates represented the tenant in the deal. Cypress West repped itself. Steve Berghoff and Mark Haslip of Menlo Group are handling leasing for the property.
“There are very few plug and play surgery centers available in the market and we feel with the improvements we are making to the building that we will have a very desirable lease offering for a myriad of ASC operators to consider. As compared to a ground up building, and with the improvements that are now underway, the economic offering of this building is unmatched in the Phoenix market,” said Jason Anzalone, managing director of development, Cypress West Partners.
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