Cypress West And TPG Angelo Gordon have joined forces to acquire medical office assets in the Sunbelt. CBRE Investment Banking arranged the joint venture, which can acquire up to $300 million in medical office assets.

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 sale price for this asset was $21.25 million, equating to a price per square foot of $251. Josh Baumgarten and Adam Schwartz represented TPG Angelo Gordon. It was 97% leased at the time of the sale.

“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.

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