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4/17/24
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Cypress West Partners and TPG Angelo Gordon have formed a programmatic joint venture, which has the ability to acquire up to $300 mil in medical office assets across the Sunbelt region over the next two years. The venture will be looking to generate core-plus and value-add returns through leasing, repositioning, and redevelopment.
The joint venture has already completed its first acquisition – an 85k sf medical office facility at 9377 E. Bell Rd in Scottsdale, AZ – and will also be seeded by the recapitalization of a four-asset portfolio that totals approximately 200k sf across Arizona and California and is 97% occupied by a diverse roster of healthcare tenants.
Frank Virga, Managing Director, U.S. Real Estate at TPG Angelo Gordon, commented, “This strategic joint venture highlights our strong conviction in the medical office sector and the attractive opportunities we believe lie ahead in the market.”
The venture was arranged by Michael Yang with CBRE Investment Banking.
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