Cypress West Partners-TPG Angelo Gordon JV Acquires 132,283-SF Medical Outpatient Portfolio in Arizona and California
Cypress West Partners and TPG Real Estate Partners Angelo Gordon announced the acquisition of two medical outpatient buildings in Scottsdale, Arizona, and Chino Hills, California, totaling 132,283 square feet. The acquisition represents the joint venture's 13th property since inception in 2024, advancing the partnership's $300 million programmatic strategy targeting medical outpatient assets across Sunbelt and West Coast markets.
Scottsdale and Chino Hills Medical Office Portfolio Details
The portfolio includes Pima Medical Pavilion, a two-story, 91,212-square-foot medical outpatient building located at 8415 North Pima Road in Scottsdale. The building is 92% leased to a diverse set of clinical users and is anchored by Bloom Reproductive Institute, Scottsdale OBGYN Specialists, and SurgCenter/USPI. Cypress West Partners acquired the property from Healthcare Realty Trust, which was represented by JLL.
The joint venture also acquired a two-story, 41,071-square-foot building at 2140 Grand Avenue in Chino Hills from a seller represented by CBRE. The multi-tenant asset is 94% leased and is anchored by credit tenant Pomona Valley Hospital Medical Center.
"The addition of these two high-quality assets to our portfolio in major West Coast markets to close out 2025 marks another significant step in our national growth strategy with TPG," said Cypress West Partners Vice President Ed Hernandez.
Joint Venture Strategy
Cypress West Partners, based in Orange County, California, and Dallas, Texas, launched the joint venture with TPG Angelo Gordon in 2024 with a programmatic strategy seeking to acquire up to $300 million in medical outpatient assets. The partnership targets core-plus and value-add returns through leasing, repositioning, and redevelopment strategies.
Cypress West Partners is a vertically integrated, owner-operator focused on acquiring, developing, and operating institutional-quality healthcare real estate throughout the United States. The firm is led by founders Chris Cumella and Jeff Johnson, along with principals Eric Minor, Ed Hernandez, and Sam Clark.
TPG is a global alternative asset management firm founded in San Francisco in 1992, with $286 billion of assets under management and investment and operational teams around the world. TPG invests across private equity, impact, credit, real estate, and market solutions strategies.