2 real estate firms join forces for medical office building acquisitions

Real estate investors Cypress West and TPG Angelo Gordon have entered a joint venture that intends to acquire $300 million in medical offices across the Sun Belt over the next two years, according to an April 17 report from Commercial Property Executive.

The partnership acquired its first medical office building — an 85,000-square-foot facility in Scottsdale, Ariz., for $21.3 million — in March. 

The joint venture was seeded with the recapitalization of a four-asset portfolio of medical properties in Arizona and California owned by Cypress West Partners that totals about 200,000 square feet and is 97% occupied. 

The Cypress West portfolio currently includes close to 2 million square feet of medical office properties, with more than 250,000 square feet currently in various stages of development.

TPG Angelo Gordon, a recent joint venture between Angelo Gordon and Sendero Capital, just made its fifth medical office acquisition for $8.1 million. 

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