Phoenix, Ariz. – The Phoenix Kidder Mathews healthcare team represented the landlord in a long-term lease totaling $1.6 million at Mescal Medical Park, 10900 N. Scottsdale Rd., in Scottsdale, Arizona.
The team of Senior Vice President Michael Dupuy and Vice President Rachael Thompson negotiated the long-term lease on behalf of Cypress West Partners, a Southern California-based healthcare investment, leasing, and property management firm.
Kidder Mathews negotiated a 7-year lease (8,234 SF) worth $1.6 million for Oliver Street Dermatology Management.
“It has been exciting to see the property become so active this quarter; this lease is reflective of other recent activity we have seen in the area,” Thompson said. “Central Scottsdale is a market in high demand with its strategic location. It is attracting tenants and patients from Paradise Valley and North and South Scottsdale with its convenient access on Scottsdale Road and the Loop 101.”
Built in 1982, Mescal Medical Park is a garden style medical property in the heart of Scottsdale. Just minutes from HonorHealth Shea Medical Center’s campus and the 101, it offers an onsite pharmacy.
“With this lease, which included relocating and expanding an existing tenant to a larger suite, the property is well positioned,” Dupuy said.
Cypress West Partners owns property in Arizona, California, Nevada, and Oregon. Its Arizona portfolio includes more than 400,000 SF of medical office space in 10 buildings.
“The Kidder Mathews team was an integral of the property’s stabilization through its efforts and focus on tenant needs in conjunction with landlord objectives,” said Cypress West Partners Director of Brokerage Services Bryan McKenney.
Oliver Street Dermatology Management was represented by Aaron Kuhl with MOB.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast with more than 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project and construction management, and debt and equity finance services for all property types. It performs $7 billion in transactions, manages more than 51 MSF of space, and conducts more than 1,500 appraisals annually. For more information visit http://kiddermathews.com/locations/phoenix.php.
About Cypress West Partners
Cypress West Partners 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. For more information, see www.cypresswestpartners.com.