Rancho Santa Margarita, CA (January 22, 2019) –Cypress West Partners, a premier owner and operator of quality medical properties throughout the Western US, has announced a 12-year 15,000-square-foot lease at Park Plaza with Loma Linda University Health Behavior Medical Center’s (LLUH BMC) MEND Outpatient Program. Park Plaza is a three-building, multi-tenant office property in Redlands.
Cypress West acquired Park Plaza at the end of 2018 recognizing the opportunity to convert the three class A office properties comprising more than 52,407 square feet of space to a medical office use to meet the needs of the severely underserved Redlands medical office submarket. LLUH BMC’s expansion at Park Plaza will allow them to continue to push forward cutting-edge mental health integration efforts and programs.
“This expansion will help us expand access to one of our premier programs, the MEND program. This behavioral health program serves chronically ill children and adults from a family strengths perspective. It has grown significantly in the last two years and moving into this new space will help us provide greater access for the community and reduce current waitlists for patients,” said Brian Distelberg, PhD,
Associate Professor School of Behavioral Health and Director of Research, LLUH BMC. “It will also help us achieve the next stage of MEND which focuses on training clinicians in the larger community, so that MEND can be accessed in many communities across the United States. This additional research and training space is critical in our progress towards this goal. “
With the addition of LLUH BMC, Cypress West brings the property’s total occupancy to 60 percent. As part of the repositioning focus Cypress West will be upgrading the site signage on the property as well as a general refresh of the exterior painting and landscaping.
“Based on our wide-ranging medical office experience we immediately recognized the opportunity to position these high image buildings into a medical use,” said Cypress West Partner Jeffrey Johnson, CPM. “Bringing Loma Linda’s MEND outpatient program into the property fits well with their objectives and meets much-needed local market demand.”
Park Plaza is strategically located along Redland’s medical corridor, anchored by Redlands Community Hospital, VA Loma Linda Hospital and Loma Linda University Medical Center.
“This project is a stone’s throw from two major medical centers and boasts the only large blocks of class A space available in the immediate area. We are fortunate to be able to handle leases of this size in such a prime location.” said Cypress West Director of Brokerage Services, Bryan McKenney, who is handling property leasing.
Over the last 10 years, the Redlands office submarket has consistently outperformed the overall Inland Empire and Inland Empire East office markets. Vacancy in Redlands has dropped from 16.9 percent in 2008 to a historic-low 9.2 percent.
About Cypress West Partners: Cypress West Partners, LLC, 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. To learn more about Cypress West Partners, go to cypresswestpartners.com.