Investor Group Acquires 91K-SF Medical Office Building in Scottsdale
A joint venture between Cypress West Partners and TPG Angelo Gordon has acquired two medical outpatient facilities totaling 132,283 square feet, located in Scottsdale, Arizona, and Chino Hills, California. The transactions were facilitated by JLL, representing the sellers.
Among the acquired assets is the Pima Medical Pavilion, a 91,212-square-foot medical office building in Scottsdale. The property was sold by Healthcare Realty Trust, with JLL brokering the deal. At the time of the transaction, the building was 92% leased.
Notable tenants at Pima Medical Pavilion include Bloom Reproductive Institute, Scottsdale OBGYN Specialists, and SurgCenter/USPI, positioning the property as a key healthcare destination in the area. The two-story building, completed in 2008, is located at 8415 N. Pima Road, approximately six miles from the center of Scottsdale.
Earlier in 2024, Cypress West and TPG Angelo Gordon announced a strategic joint venture targeting up to $300 million in investments in medical outpatient properties, with a focus on high-growth markets in the Sunbelt and on the West Coast. The joint venture seeks to generate core-plus and value-add returns through leasing strategies, property repositioning, and redevelopment initiatives.
