Cypress West Acquires 37,000 SF San Diego Medical Office Building

Cypress West Partners, in a joint venture with TPG Angelo Gordon, has announced the acquisition of 450 4th Ave., a nearly 37,000-square-foot medical outpatient building in Chula Vista, California. JLL’s Medical Properties Group, led by Matt DiCesare and Evan Kovac, represented the seller, Turner Impact Capital. 450 4th Ave. is located on the campus of the 173-bed Scripps Mercy Hospital Chula Vista and is leased to 12 tenants, including anchor tenant Scripps Health. This transaction is part of a programmatic joint venture between Cypress West and TPG Angelo Gordon, to acquire up to $300 million in medical office assets across the Sunbelt region over the next two years. The JV is focused on the acquisition of medical office assets in strategic, high-growth Sunbelt markets that provide the opportunity to generate core-plus and value-add returns through leasing, repositioning, and redevelopment.

About Cypress West

Cypress West is a vertically-integrated, owner-operator focused on acquiring, developing and operating institutional quality healthcare real estate throughout the United States. Based in Orange County, CA and Dallas, TX, the firm is led by its two founders, Chris Cumella and Jeff Johnson, and principals Eric Minor, Ed Hernandez, and Sam Clark who are responsible for leading a large diversified portfolio of healthcare real estate with decades of experience underwriting medical properties. For acquisition opportunities, please contact Sam Clark (sclark@cypresswestpartners.com) and Ed Hernandez (ehernandez@cypresswestpartners.com).

About TPG Angelo Gordon

Founded in 1988, Angelo, Gordon & Co., L.P. (“TPG Angelo Gordon”) is a diversified credit and real estate investing platform within TPG. The platform currently manages approximately $78 billion* across a broad range of credit and real estate strategies. For more information, visit www.angelogordon.com.

*TPG Angelo Gordon’s currently stated AUM of approximately $78 billion as of December 31, 2023 reflects fund-level asset-related leverage. Prior to May 15, 2023, TPG Angelo Gordon calculated its AUM as net assets under management excluding leverage, which resulted in TPG Angelo Gordon AUM of approximately $53 billion last reported as of December 31, 2022. The difference reflects a change in TPG Angelo Gordon’s AUM calculation methodology and not any material change to TPG Angelo Gordon’s investment advisory business. For a description of the factors TPG Angelo Gordon considers when calculating AUM, please see the disclosure linked here.