Cypress West Partners has completed the acquisition of a 30,000-square-foot, single-story medical office building at 6309 E. Baywood in Mesa.

The firm acquired the vacant building from a group of local physicians who originally developed the building in 2002 and have operated a practice there until recent retirement, according to a release.

Along with the acquisition Cypress West announced a new lease for 20,000 square feet of space with a cardiology practice with plans to establish a flagship clinical Mesa location.

The move and investment will bolster the strong medical corridor that already exists around the Banner Baywood Medical Center, the release states.

Greg Guglielmino of Lee & Associates represented the tenant and Cypress West represented itself.

Cypress West is investing more than $3 million in capital improvements to the building including roof, mechanical and site improvements as well as modernizing a 10,000-square-foot ambulatory surgery center to licensure standards and code providing two operating rooms with an ability to increase to four. The repositioning will be completed by September 2023.

“There are very few plug-and-play surgery centers available in the market and we feel with the improvements we are making to the building that we will have a very desirable lease offering for a myriad of (ambulatory surgery centers) operators to consider. As compared to a ground-up building, and with the improvements that are now underway, the economic offering of this building is unmatched in the Phoenix market,” said Jason Anzalone, managing director of development at Cypress West Partners.

The Cypress West Partners portfolio includes close to 2 million square feet of medical office properties across the U.S. including more than 250,000 square feet of medical office properties in various stages of development.

Steve Berghoff and Mark Haslip of Menlo Group are handling leasing for the property.

Go to cypresswestpartners.com.