Cypress West Partners and TPG Angelo Gordon announced that they have acquired a medical outpatient building (MOB) in Bountiful, Utah. This transaction is part of a two-year programmatic joint venture announced earlier in 2024 between Cypress West and TPG Angelo Gordon. The joint venture was established to acquire up to $300 million in medical office assets across strategic, high-growth West Coast and Sunbelt markets. It targets core-plus and value-add returns through leasing, repositioning and redevelopment.
The property is a 112,192-square-foot MOB. The multi-tenant MOB, located four miles north of Salt Lake City, is anchored by Mountain West Surgical Center, a multi-specialty ambulatory surgical center owned by HCA Healthcare in partnership with local physicians. The surgical center is complemented by eight other medical specialties and services, including orthopedics, physical therapy, imaging, spine and urology.
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 office properties, including more than 250,000 square feet of medical office 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.
Newmark‘s Healthcare Capital Markets group advised Cypress West Partners and arranged the credit facility on behalf of the joint venture. Terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this transaction represents the 193rd MOB acquisition of the year, and the second announced in Utah. The deal announcement follows the joint venture’s previous acquisition of a MOB in Chula Vista, California, announced in July 2024.
