The Cure Corridor's Ripe for Investment. Here's Why.
Now's the time to buy in the Cure Corridor in Scottsdale, Cypress West Partners partner Chris Cumella tells us. Recently the SoCal investor, along with Texas-based MedProperties Holdings, bagged two MOBs in Scottsdale.
With its high concentration of businesses involved in the medical and biosciences sectors, the corridor has been a major driver for Scottsdale and the greater Phoenix economy, says Chris, who's snapped with partner Jeff Johnson at Cypress Point Golf Club. The specific location of the properties, he adds, will benefit from being near Honor Health Scottsdale Shea Medical Center.
Some fast facts about Scottsdale and its healthcare and bioscience industries, which tend to be concentrated in the Cure Corridor: 14% of Scottsdale's workforce is employed in healthcare and social assistance positions, and 13% of metro Phoenix biosciences employment is in Scottsdale, with more than 27,000 jobs in the sector in the city. Pictured: One of Cyprus West's new properties, the Shea Corporate Medical Plaza, a 23k SF MOB that houses a variety of medical and dental practices at 7032-7054 E Cochise Rd.
There's also been a fair amount of real estate activity in the corridor, including Mayo Medical School, in partnership with ASU, which is building an Arizona campus at Mayo Clinic on East Shea; Ironwood Cancer & Research Centers, which opened a two-story, 24k SF MOB near Scottsdale Healthcare Shea Medical Center last year; and Orion Health, a population health management company, which opened of its new development center in Scottsdale earlier this year. Pictured: The other property, Scottsdale at Mescal, a 48k SF MOB anchored by Honor Health (formerly Scottsdale Health).