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.
