July 16, 2018
Rancho Santa Margarita, CA-based Cypress West Partners acquired West 101 Gateway, a Class A medical office building in Phoenix, in a joint venture with Dallas-based MedProperties Holdings LLC. The two-story 50,040-square-foot property, located at 9520 West Palm Land, is 95% occupied with major tenants that include: Cardiac Solutions, Arizona Arthritis & Rheumatology Associates, and University of Phoenix.
Built in 2004, West 101 Gateway benefits from a prominent location at the intersection of the 10 and 101 freeways, roughly ¼ mile from the the 317-bed Banner Estrella Hospital campus.
Cypress West Partners and MedProperties were represented by Kidder Matthews in the transaction. The unnamed seller was represented by CBRE. HFF worked on behalf of the borrower to secure a $6.7-million, 36-month, floating-rate acquisition loan through CIT Group Inc.’s Healthcare Finance unit.
This transaction marks Cypress West’s 8th acquisition with MedProperties. Cypress West’s Arizona portfolio now includes more than 400,000 square feet of medical office space in 10 buildings.
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