{"id":1004740207,"date":"2024-12-10T04:39:10","date_gmt":"2024-12-10T12:39:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004740207"},"modified":"2024-12-10T04:39:12","modified_gmt":"2024-12-10T12:39:12","slug":"cypress-west-tpg-buy-salt-lake-city-mob","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cypress-west-tpg-buy-salt-lake-city-mob\/","title":{"rendered":"Cypress West, TPG Buy Salt Lake City MOB"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Renaissance-Medical-Center.png\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004740209\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cypress-west-tpg-buy-salt-lake-city-mob\/renaissance-medical-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Renaissance-Medical-Center.png\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Renaissance Medical Center\" data-image-description=\"&lt;p&gt;Exterior shot of Renaissance Medical Center in Bountiful, Utah.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Renaissance Medical Center came online in 2004 and rises five stories. Image courtesy of Cypress West and TPG Angelo Gordon&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Renaissance-Medical-Center.png?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Renaissance-Medical-Center.png\" alt=\"Exterior shot of Renaissance Medical Center in Bountiful, Utah.\" class=\"wp-image-1004740209\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Renaissance-Medical-Center.png 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Renaissance-Medical-Center.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Renaissance-Medical-Center.png?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">Rising five stories, Renaissance Medical Center came online in 2004. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture between Cypress West Partners and TPG Angelo Gordon has acquired Renaissance Medical Center, a 112,192-square-foot medical outpatient building in Bountiful, Utah, a Salt Lake City submarket. The duo took out a permanent loan from Capital One, according to CommercialEdge.<\/p>\n\n\n\n<p>Healthcare Realty sold the asset, the same source shows. The company had purchased it in June 2008 from Broadhead &amp; Co. for $30.2 million.<\/p>\n\n\n\n<p>Newmark Healthcare Capital Markets represented Cypress West Partners and arranged the acquisition financing.<\/p>\n\n\n\n<p>The five-story building came online in 2004 and includes almost 3,900 square feet of first-floor retail space. The facility features floorplates averaging 28,179 square feet, two passenger elevators and about 435 parking spaces.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/medical-office-real-estate-trends-to-watch\/\">Why the Medical Outpatient Sector Is Poised for Growth in 2025<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>MountainWest Surgical Center, an ambulatory surgical center owned by HCA Healthcare, anchors the Class A property. The roster also includes eight other medical tenants, with specialties and services including orthopedics, physical therapy, imaging, spine and urology.<\/p>\n\n\n\n<p>Located at 1551 S. Renaissance Towne Drive, the facility is 12 miles from Salt Lake City International Airport, while downtown Salt Lake City is 9 miles away. Additionally, the building is less than 2 miles from Lakeview Hospital.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-300-million-joint-venture\">A $300 million joint venture<\/h2>\n\n\n\n<p>The partners purchased the property through<a href=\"https:\/\/www.commercialsearch.com\/news\/cypress-west-tpg-angelo-gordon-form-300m-jv\/\"> their $300 million venture<\/a> that was announced earlier this year. The companies are focusing on high-growth West Coast and Sunbelt markets, targeting core-plus and value-add returns through leasing, repositioning and redevelopment of medical office assets.<\/p>\n\n\n\n<p>The duo\u2019s first acquisition, which closed in March, involved an 86,000-square-foot medical building in Scottsdale, Ariz. Healthpeak Properties sold the asset.<\/p>\n\n\n\n<p>A few months later, the joint venture <a href=\"https:\/\/www.commercialsearch.com\/news\/cypress-west-jv-buys-san-diego-mob\/\">purchased Chula Vista Medical Arts II<\/a>, a nearly 37,000-square-foot medical outpatient building in Chula Vista, Calif. Turner Impact Capital sold the 1985-completed property.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A subsidiary of HCA Healthcare anchors the facility.<\/p>\n","protected":false},"author":3355,"featured_media":1004740209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21754,21742,1606,51973],"tags":[33139,36004,50999,52382],"class_list":["post-1004740207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-medical-office","category-latest","category-salt-lake-city","category-southwest","tag-capital-one","tag-cypress-west-partners","tag-newmark","tag-tpg-angelo-gordon"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cypress West, TPG Buy Salt Lake City MOB - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Cypress West Partners and TPG Angelo Gordon acquired Renaissance Medical Center, a medical outpatient building in Bountiful, Utah.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cypress-west-tpg-buy-salt-lake-city-mob\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cypress West, TPG Buy Salt Lake City MOB\" \/>\n<meta property=\"og:description\" content=\"Cypress West Partners and TPG Angelo Gordon acquired Renaissance Medical Center, a medical outpatient building in Bountiful, Utah.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cypress-west-tpg-buy-salt-lake-city-mob\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-10T12:39:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-10T12:39:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Renaissance-Medical-Center.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cypress-west-tpg-buy-salt-lake-city-mob\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cypress-west-tpg-buy-salt-lake-city-mob\/\",\"name\":\"Cypress West, TPG Buy Salt Lake City MOB - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cypress-west-tpg-buy-salt-lake-city-mob\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cypress-west-tpg-buy-salt-lake-city-mob\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Renaissance-Medical-Center.png\",\"datePublished\":\"2024-12-10T12:39:10+00:00\",\"dateModified\":\"2024-12-10T12:39:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"Cypress West Partners and TPG Angelo Gordon acquired Renaissance Medical Center, a medical outpatient building in Bountiful, Utah.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cypress-west-tpg-buy-salt-lake-city-mob\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/cypress-west-tpg-buy-salt-lake-city-mob\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cypress-west-tpg-buy-salt-lake-city-mob\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Renaissance-Medical-Center.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Renaissance-Medical-Center.png\",\"width\":1000,\"height\":750,\"caption\":\"Renaissance Medical Center came online in 2004 and rises five stories. 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