Two medical-office complexes known as Pima I and Pima II in north Scottsdale changed hands this week in a pair of separate deals, splitting a roughly 14.6-acre medical campus along North Pima Road. One building is an already leased outpatient hub, the other is a vacant structure primed for a fresh round of leasing. The buyers: Cypress West Partners for one property and a private investor for the other, in a part of the city that has been quietly turning into a healthcare investment magnet.
Local coverage and industry notices report the sales closed on Feb. 26. As noted by AZ Big Media, the listings were brought to market publicly this week, and the buildings ultimately traded in two distinct transactions to two different buyers.
What Sold And Who Bought It
According to a release from JLL Capital Markets, Pima I is a two-story, 91,212-square-foot Class A medical building that was about 92% leased at closing. Tenants include a mix of national, regional and local medical users, among them ambulatory surgery providers. Pima II is described as a vacant two-story medical or professional building totaling 89,983 square feet that previously served as the Rural Metro Fire headquarters. Together, the two buildings add up to more than 180,000 square feet on 14.6 acres at 8415 and 8465 N. Pima Road, just off the Loop 101, per JLL Capital Markets.
Buyers And Strategy
Per AZ Big Media, Cypress West Partners acquired Pima I, while a private investor picked up Pima II. JLL represented the seller in both transactions and procured both buyers.
Cypress West Partners presents itself as an owner-operator focused on outpatient medical properties, with a Scottsdale office and a growing healthcare portfolio. The Pima I purchase hands the firm a mostly leased outpatient campus in a pocket of Scottsdale where hospital expansions are already nudging demand for nearby medical office space.
Why Location Matters
The two properties sit a short drive from HonorHealth Scottsdale Shea Medical Center and within the orbit of Banner Health's planned Scottsdale campus, which Banner Health says will open Phase 1 in early 2027 in a phased buildout. HonorHealth lists Scottsdale Shea Medical Center at about 427 beds, underscoring the corridor's role as a regional health hub and hinting at ongoing tenant appetite for outpatient space in the immediate area.
What Comes Next
With Pima II currently sitting empty, brokers are expected to target specialists and ambulatory surgery groups that want quick access to nearby hospital campuses. Marketing materials from Cypress West Partners highlight its strategy of acquiring, rehabbing and operating medical-office properties, which points to potential upgrades under new ownership to help lure tenants.
JLL Capital Markets has framed the trades as repositioning plays in a high-growth medical corridor, with specific leasing and redevelopment plans expected to take shape in the months ahead.
