On July 9, JLL Capital Markets announced that it represented Turner Impact Capital in the sale of a Chula Vista, California medical outpatient building (MOB). The property was purchased through a joint venture between Cypress West Partners and TPG Angelo Gordon.
The MOB consists of 37,000 square feet. The facility is on the campus of the 173-bed Scripps Mercy Hospital Chula Vista. Renovated in 2015, the four-story property is currently leased to 12 tenants, including anchor tenant Scripps Health.
Cypress West Partners is a privately held investor, developer, owner and operator of medical properties throughout the western United States. The Cypress West Partners portfolio includes close to 2 million square feet of medical outpatient properties, including more than 250,000 square feet of medical outpatient properties currently in various stages of development.
Headquartered in Los Angeles, California, TPG Angelo Gordon is a $74 billion diversified credit and real estate investing platform within TPG. The firm focuses on four main investment disciplines: credit, real estate, private equity and multi-strategy.
Turner Impact Capital is an investment firm based in Santa Monica, California. The company was founded in 2013. According to its website, the company is positioned to invest more than $5 billion to develop real estate.
According to data captured in the LevinPro HC database, this transaction represents the 97th MOB acquisition of the year. This deal is Cypress West Partners’ first acquisition of 2024 and TPG Angelo Gordon’s third of the year. The financial terms were not disclosed.
