Scottsdale Medical Office Building is this JV’s Third Purchase in 12 Months
- Apr 04, 2016
Phoenix–SoCal-based Cypress West Partners recently completed the purchase of a medical office building in Scottsdale for an undisclosed amount. The company acquired the asset as part of a joint venture with MedProperties Holdings, a Dallas-based entity.
This was the venture’s third Scottsdale acquisition in 12 months. The transaction was arranged by Menlo Group’s commercial real estate senior vice president Rich Andrus on behalf of the buyer. Menlo will continue to handle leasing duties for the asset.
Located at 9700 North 91st St., the property is known as Mountain View Medical Plaza. The asset offers 72,878 square feet of medical office space, and is immediately adjacent to the HonorHealth Scottsdale Shea Medical campus. The three, two-story buildings were developed in 1985 and are currently operating at 63 percent occupancy. The tenant roster includes names such as Scottsdale Medical Imaging, Specialty Orthopaedic Surgery, and Arizona Pulmonary Specialist. The addition of Mountain View Plaza to Cypress’ portfolio brings the company’s holdings to about 300,000 square feet.
As part of an extensive improvement plan set for the property, Mountain View will get new exterior paint, signage, landscaping upgrades, as well as lobby and hallway renovations. Tenant improvements will also be made in order to facilitate improved leasing measures.