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Cypress West Claims Phoenix MOB, Boosts AZ Portfolio
Cypress West Partners acquired a pair of single-story medical office buildings at 2264 and 26232 N. Tatum Blvd. in Phoenix. Known as Tatum Highlands Medical and Dental, the buildings encompass a 27,204-square-foot medical office and 5,667-square-foot dental office built in 1998 and 2000.
Cypress West’s Chris Cumella says, “We are pleased to push this one across the finish line and continue to build our portfolio in the Arizona market. This asset will provide our investors with a good annual return and an opportunity to create additional value by leasing up the remaining vacant space.”
This transaction marks Cypress West’s 10th acquisition in the Arizona MOB market. Tenants at the at 87% occupied facility 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 unnamed private investors. The seller, an undisclosed public REIT, was represented by Aaron Kuhl, designated broker with Medical Office Brokers.
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- ◦Sale/Acquisition