Rancho Santa Margarita, CA (March 15, 2018) – Cypress West Partners has announced the acquisition of Redhawk Medical Plaza, a 32,471-square-foot two-story medical office property located at 44274 George Cushman Court in Temecula, CA. Cypress West Partners, a Southern California-based healthcare investment, leasing and property management firm, acquired the high-profile medical office building in a joint venture with MedProperties Holdings LLC, a national, healthcare-focused real estate private equity firm headquartered in Dallas. This transaction marks Cypress West’s sixth acquisition with Med Properties.
The seller was represented by Marcus & Millichap’s Ben Tashakorian, David Benjamin, and Bradley Peters. Cypress West represented itself in the transaction. HFF’s Aldo Cole and Johnathan Chun assisted on securing the debt with CIT Bank.
Redhawk Medical Plaza is 100 percent occupied with major tenants that include: McKessson Specialty Health, Pediatric Partners and California Imaging and Diagnostics. For Cypress West, Redhawk Medical Plaza represents the rare opportunity to acquire a class A quality medical office building in the Southern California market. Built in 2001, the property benefits from a prominent location along the busy Temecula Parkway which forms the southwestern anchor of the Inland Empire. It is located approximately 2 miles east of Temecula Valley Hospital, a 140-private bed hospital with 300 physicians and more than 600 employees owned and operated by Universal Health Services (UHS).
“This acquisition continues to scale a market that we consider to be right in our backyard,” said Ryan Borzouei, director of acquisitions, Cypress West said, “After chasing this asset for four months it feels good to close this deal with Med Properties so close to home.”
“Cypress West is excited to add another high-quality asset to its Southern California portfolio. Our goal is to build upon what had been established by the previous ownership and freshen up the asset to enhance the tenant and patient experience,” said Jeff Johnson, partner, Cypress West. “Our immediate plans include a common area makeover featuring new flooring, painting, furniture and wall art. For the exterior, we plan to update the exterior painting and provide for new signage throughout the property to allow the tenants to showcase their branding.”
Cypress West Realty Management, Inc. will handle property leasing led by Bryan McKenney, director of brokerage services, Cypress West.