Real estate investor Cypress West Partners has made its first medical office building purchase as part of a new joint venture with global investment manager TPG Angelo Gordon.
The group paid $21 million for a medical office building in Scottsdale, Ariz., according to a May 6 report from the Orange County Business Journal.
The 84,725-square-foot property, McDowell Mountain Medical, is currently 93.2% leased, according to the report.
Some tenants at the property include Select Physical Therapy, Ong Plastic Surgery, the Hormone Zone, Arizona Digestive Health and Royal Spine Surgery.
Cypress West plans to raise rent for the tenants, who are currently paying 20% less than the market rate, according to the report.