CBRE Investment Banking arranged a programmatic joint venture between Cypress West Partners and TPG Angelo Gordon, focused on the acquisition of medical office buildings across the Sunbelt. The JV has the potential to acquire $300 million in BOB assets over the next two years.

The JV completed its first acquisition, an 85,000 square-foot medical office facility at 9377 E. Bell Rd. in Scottsdale, AZ. It 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.

“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, CEO and co-founder of Cypress West, headquartered in Ranch Santa Margarita, CA and Dallas.

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.”

Michael Yang, senior managing director of CBRE Investment Banking, said, “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.”

How are deals getting financed in today’s uncertain climate? On May 1, Connect Los Angeles 2024 brings together John Manning of MMCC, Gary Bechtel of Red Oak Capital Holdings, Felix Gutnikov of Thorofare and TR Hazelrigg, IV of Avatar Financial Group on the Financing with Debt Panel. Register now to hear from these industry experts.