Cypress West JV Buys San Diego MOB

Cypress West Partners, in a joint venture with TPG Angelo Gordon, has acquired Chula Vista Medical Arts II, a nearly 37,000-square-foot medical office building in Chula Vista, Calif. Turner Impact Capital sold the Class B asset for $11.6 million, according to San Diego County records. JLL Capital Markets brokered the transaction on behalf of the seller.

The property last traded a few months ago, when Turner Impact Capital purchased the facility for $10.5 million from Welltower, CommercialEdge shows.

Earlier in spring, Cypress West and TPG Angelo Gordon formed a programmatic joint venture aimed at acquiring some $300 million in medical office assets across the Sun Belt over the next two years.

The four-story facility came online in 1985 and went through cosmetic renovations in 1999 and 2015. The building features 11,700-square-foot floorplates, two passenger elevators, an on-site lounge, controlled access and 198 car parking spaces.

Anchored by Scripps Health, the property is currently leased to 12 tenants, including The Oncology Institute of Hope and Innovation, Grimaldi Center, The Neuron Clinic and Labcorp, among others.

Located at 450 4th Ave., the facility is situated within the Scripps Mercy Hospital Chula Vista campus and has access to interstates 5 and 805. Downtown San Diego is more 10 miles northwest of the property. Other medical providers in the surrounding area include Adams Medical Clinic, Concentra Urgent Care, Chula Vista Family Health Center and Turullols Medical Center, among others.

The JLL Capital Markets team included Director Matt DiCesare and Senior Managing Director Evan Kovac.