Cypress West Partners Acquires Phoenix MOB, Adding to AZ Portfolio
Rancho Santa Margarita, CA (October 26, 2020) — Cypress West Partners, a Southern California-based healthcare investment, leasing and property management firm, has announced the acquisition of 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 percent occupied, encompass a 27,204-square-foot medical office and 5,667-square-foot dental office. Tenants 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 428,000 square feet of medical office space located throughout the state.
For Cypress West, Tatum Highlands Medical Building represents the rare opportunity to acquire a high quality medical office building from a REIT. Chris Cumella, partner, Cypress West, said, “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.”
“Our goal is to build upon what was done by the previous ownership. We will continue to attract high quality medical tenants that are looking for a quality patient experience,” said Jeff Johnson, partner, Cypress West.
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. There are 90,000 residents within five miles along with a median household income of $112,000. The local population is expected to grow 7.91% over the next five years.
About Cypress West Partners: Cypress West Partners, LLC, was formed through strategic affiliations with institutional investors, high-net worth individuals and family offices with the purpose to acquire, develop and manage healthcare properties across the Western US. At Cypress West, the team is focused on understanding and implementing on all aspects of what makes a high-performing asset.
Cypress West is highly-experienced at working across the healthcare spectrum, from institutional owners to hospitals and individual doctors. The strength and legacy of its business model is in Cypress West’s method for successfully acquiring the right medical real estate assets backed by solid data analytics, followed by a strategic leasing and management plan to increase value at the property and investor levels. The firm operates and manages more than 2.3 million square feet of medical office space in three western states.
To learn more about Cypress West Partners, go to cypresswestpartners.com.
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Jessica Spaulding
President
The Spaulding Agency
Tel. 949-233-8575
www.spaulding-agency.com
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