Cypress West and TPG Angelo Gordon Joint Venture Acquires Renaissance Medical Center in Salt Lake City Metro Area
Cypress West Partners (Cypress West) in joint venture with TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG, acquired Renaissance Medical Center, a 112,192-square-foot medical outpatient building located at 1551 S. Renaissance Towne Drive in Bountiful, Utah. Terms were not disclosed.
The multi-tenant medical office building, located four miles north of Salt Lake City, is anchored by Mountain West Surgical Center, a multi-specialty ambulatory surgical center owned by HCA Healthcare, Inc. in partnership with local physicians. The surgical center is complemented by eight other medical specialties and services, including orthopedics, physical therapy, imaging, spine, and urology.
“We’re pleased to expand our portfolio with a high-quality asset in the Salt Lake City market, which has experienced significant growth and is supported by numerous demand drivers,” said Chris Cumella, CEO and Co-Founder of Cypress West. “This acquisition is a testament to our strong partnership and strategic alignment with TPG Angelo Gordon, and we are grateful for their collaboration, as well as ongoing guidance from the Newmark team throughout the process.”
Frank Virga, Managing Director on TPG Angelo Gordon’s U.S. Real Estate team, added, “This closing marks another significant milestone in our ongoing partnership with Cypress West. As we continue to execute our strategy and leverage our significant combined experience, our conviction in the medical office sector remains strong, and we look forward to the opportunities ahead.”
Earlier this year, Cypress West and TPG Angelo Gordon announced a two-year programmatic joint venture seeking to acquire up to $300 million in medical office assets across strategic, high-growth West Coast and Sunbelt markets. The joint venture targets core-plus and value-add returns through leasing, repositioning, and redevelopment.
Newmark Healthcare Capital Markets advised Cypress West Partners and arranged the credit facility on behalf of the joint venture.
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 – TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $239 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.