Joint Venture Between Cypress West, TPG Angelo Gordon Will Focus On Acquisition Of Medical Office Assets In Strategic, High-Growth Sunbelt Markets
CBRE Investment Banking announced that it has arranged a programmatic joint venture between Cypress West Partners and TPG Angelo Gordon, which has the ability to acquire up to $300 million in medical office assets across the Sunbelt region over the next two years.
The joint venture has already completed its first acquisition – an 85,000 square-foot medical office facility at 9377 E. Bell Road in Scottsdale, AZ
The joint venture between Cypress West and TPG Angelo Gordon will focus 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.
The joint venture has already completed its first acquisition – an 85,000 square-foot medical office facility at 9377 E. Bell Road in Scottsdale, AZ – and will also be seeded by the recapitalization of a four-asset portfolio that totals approximately 200,000 square-feet across Arizona and California and is 97% occupied by a diverse roster of healthcare tenants.
“This is an exciting opportunity to partner with a like-minded team and leverage our expertise in investing and operating high-quality medical office assets,” said Chris Cumella, Chief Executive Officer and Co-Founder of Cypress West.
Frank Virga, Managing Director, U.S. Real Estate at TPG Angelo Gordon, added, “This strategic joint venture highlights our strong conviction in the medical office sector and the attractive opportunities we believe lie ahead in the market.”
“This initiative brings together two leading specialists in the sector, who can leverage their combined experience in scaling their medical office platform. We’re thrilled they were able to come together and expect an active partnership ahead,” said Michael Yang, Senior Managing Director of CBRE Investment Banking.
Source: HREI
