RX Health & Science Trust Makes Phoenix-Area MOB Buy
A joint venture sold the two-building asset for $48 million.
RX Health & Science Trust has acquired Stapley Medical Center, a two-building, 181,710-square-foot medical office campus in Mesa, Ariz., for $48 million. A joint venture between Harbert Management Corp. and Cypress Office Properties LLC sold the asset in a deal arranged by Cushman & Wakefield.
RXHST said in prepared remarks that its capital partner is Shore Capital Partners, its lender is First Citizens Bank and its leasing advisor is Transwestern.
The property is 63 percent leased, Jesse Ostrow, RXHST’s chief investment officer and co-founder, told Commercial Property Executive. He added that spaces from 1,299 to 31,322 square feet are currently available. Anchor tenants include HonorHealth, Abrazo Healthcare and Prosano (BlueCross BlueShield).
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Both buildings are about 91,000 square feet and were delivered in 2007, according to Yardi Matrix.
Harbert and Cypress had acquired Stapley Medical Center in June 2021 for $37 million. During their hold, Harbert and Cypress brought in more than 60,000 square feet of new medical tenant leasing.
The property is at 1840 and 1910 S. Stapley Drive within an active health care corridor along U.S. Route 60, also known as Superstition Freeway, that includes Dignity Health–Arizona General Hospital Mesa.
Cushman & Wakefield U.S. Healthcare Capital Markets Executive Directors Travis Ives and Gino Lollio, along with Director Tyler Morss, collaborated with Executive Managing Director Chris Toci and Vice Chair Eric Wichterman of the firm’s Phoenix office in representing the seller.
Healthy deal activity in Phoenix
March saw two medical office deals in metro Phoenix. In one, Woodside Health acquired Greenfield Medical Office Building, a 29,828-square-foot, fully leased outpatient facility in Gilbert, Ariz., from McDowell Enterprises. The anchor tenant is Mountain View Surgery Center Gilbert, a partnership between physician owners and United Surgical Partners International, an ambulatory surgery center operator.
In the second transaction, SSP Investments acquired two medical office buildings in Phoenix and metro San Francisco for $26.2 million as part of a 1031 exchange arranged by CBRE. The Phoenix asset is a fully leased 42,067-square-foot medical outpatient facility that traded for $17 million. The building was delivered in 2005 and is leased to SimonMed Imaging.
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