
MedProperties, Cypress West Form JV to Acquire Phoenix MOB
Dallas-based MedProperties Holdings LLC acquired its fourth MOB in the Phoenix Metro area in a joint venture with Cypress West Realty Partners LLC for $6.4 million. West 101 Gateway MOB, a 50,040-square-foot Class A property, is the sixth JV acquisition for MedProperties and Rancho Santa Margarita, CA-based Cypress West.
“This is a well located, Class A property that has been transitioning to 100% medical use over the past few years,” says MedProperties’ Darryl Freling. “Our joint venture was able to negotiate value-add pricing for the property at significantly below replacement cost.”
The property is located in West Phoenix at 9520 West Palm Lane. CIT Bank arranged debt financing for the acquisition. CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, Minnetonka, MN-based Founder’s Properties, LLC.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition