Cypress, TPG Buy MOB Collection
The venture has acquired 13 medical assets since its inception in 2024.
A joint venture between Cypress West Partners and TPG Angelo Gordon has acquired two medical outpatient facilities totaling 132,283 square feet in Scottsdale, Ariz., and Chino Hills, Calif. JLL and CBRE represented the respective sellers.
One of the properties that traded is Pima Medical Pavilion, a 91,212-square-foot medical office building in Scottsdale, Ariz. Healthcare Realty Trust sold the asset in a deal brokered by JLL.
Healthcare had acquired the facility in a two-building portfolio transaction back in 2008, according to Yardi Matrix information. Opus West had sold the collection.
Bloom Reproductive Institute, Scottsdale OBGYN Specialists and SurgCenter/USPI anchor the medical office building. The property was 92 percent leased at the time of the current deal.
Completed in 2008 at 8415 N. Pima Road, the two-story building is about 6 miles from Scottsdale’s city center, while downtown Phoenix is within 23 miles. Phoenix Sky Harbor International Airport is 16 miles away. Other medical providers in the area include HonorHealth Rehabilitation Hospital, Retina Surgery and Arbor Pediatrics.
READ ALSO: Why MOBs Are Still a Strong Bet for Investors
The other facility that changed hands is Chino Hills Professional Plaza, a 38,066-square-foot low-rise within the Inland Empire. The property at 2140 Grand Ave. is within 15 miles from Ontario International Airport. Kaiser Permanente Ontario Medical Center is 12 miles away.
The joint venture acquired the asset from The Korda Group for $17.2 million, according to Yardi Matrix information. Additionally, the buyer took out a loan from Capital One.
CBRE arranged the transaction. At the time of sale, the two-story building was 94 percent leased, with Pomona Valley Hospital Medical Center as anchor tenant.
Occupancy remains exceptionally high across the medical office building sector, reflecting strong investor confidence and low vacancy rates. High tenant retention and a limited development pipeline have continued to support rent growth, reinforcing medical office real estate trends that helped the sector outperform in 2025, as investors favored stable returns and durable cash flows.
MOB-focused joint ventures
Cypress West and TPG Angelo Gordon formed the programmatic joint venture in 2024, aimed at acquiring up to $300 million in medical outpatient assets in high-growth Sunbelt and West Coast markets. The current purchases brought the partnership’s portfolio to 13 properties.
Last year, TPG Angelo Gordon also teamed up with Altera Fund for the purchase of a 10-asset medical office portfolio for $108 million. NHP sold the collection totaling 300,000 square feet, which included assets throughout Arizona, Illinois, Massachusetts, Texas and Tennessee.
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