On August 8, Cypress West Partners and TPG Angelo Gordon announced the acquisition of two medical outpatient buildings (MOBs). The transaction included one location in Tucson, Arizona, and one location in Las Vegas, Nevada. The financial terms were not disclosed.
The Tucson MOB comprises two buildings and totals 68,000 square feet. The MOB has a diverse rent roll that is anchored by Northwest Hospital at 34% of the building. Other specialties located within the properties include bone and joint, primary care, internal medicine, eyecare/cataract surgery, family medicine, endocrinology, cardiovascular and amputation prevention.
The Las Vegas MOB is a three-story building that comprises 39,279 square feet. Built in 2009, the MOB is leased to seven healthcare tenants in specialties including orthopedic, endocrinology, vascular, pediatrics, infusion, eyecare, pharmacy, hemostasis and thrombosis. The ground floor features a multi-specialty surgery center on a long-term lease.
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 space 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.
In total, the buildings are 81% leased, but no further breakdown was disclosed. This marks the second acquisition for the joint venture between Cypress West Partners and TPG Angelo Gordon for 2025. In January, the two companies jointly acquired a 47,000-square-foot MOB in Franklin, Tennessee.
According to data captured in the LevinPro HC database, this transaction marks the 123rd MOB deal of the year. There were 213 MOB transactions announced during 2024, and 199 MOB deals announced during 2023. This also represents the 12th MOB acquisition announced in Arizona. and the first announced in Nevada since the start of 2025.
