Cypress West and TPG Angelo Gordon Joint Venture Add Medical Outpatient Acquisitions in Arizona and Nevada
Cypress West Partners (Cypress West) in joint venture with TPG Angelo Gordon announced the acquisition of two 81% leased medical outpatient buildings totaling 68,000 square feet in Tucson, Arizona, and a three-story, 39,279-square-foot multi-tenant medical outpatient building located in Las Vegas, Nevada.
“These assets further represent our focus on quality well-located medical outpatient assets as we continue to execute on our national strategy with TPG in markets with solid growth and demographics supporting ongoing demand for healthcare services,” said Chris Cumella, CEO, Cypress West Partners.
The latest acquisitions include:
La Cholla Medical Plaza, 6130 N. La Cholla Blvd, Tucson, AZ encompassing two medical outpatient buildings totaling 68,000 square feet. The buildings, located on-campus at Northwest Medical Center, were acquired through a fee-simple transaction. The medical plaza has a diverse rent roll anchored by Northwest Hospital at 34% of the building. Other specialties located within the properties include bone and joint, primary care, internal medicine, eyecare/cataract surgery, family medicine, endocrinology, cardiovascular, and amputation prevention.
MacFarlane Medical Center, 8352 W. Warm Springs Road, Las Vegas, NV encompassing
a three-story, 39,279-square-foot multi-tenant medical outpatient building. The property is 100% leased and directly adjacent to Dignity Health’s St. Rose Dominican San Martin Hospital campus. Built in 2009, the building is leased to seven healthcare tenants in specialties including orthopedic, endocrinology, vascular, pediatrics, infusion, eyecare, pharmacy, hemostasis, and thrombosis. The ground floor features a multi-specialty surgery center on a long-term lease.
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, contact Sam Clark (sclark@cypresswestpartners.com) and Ed Hernandez ehernandez@cypresswestpartners.com). Learn more at www.cypresswestpartners.com
About TPG: TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $261 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. For more information, visit www.tpg.com.
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