The four-story medical office building underwent an exterior renovation. Image courtesy of JLL Capital Markets
Cypress West Partners, in a joint venture with TPG Angelo Gordon, has acquired Chula Vista Medical Arts II, a roughly 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 deal on behalf of the seller.
The property last traded hands a few months ago, when Turner Impact Capital purchased the facility from Welltower for $10.5 million, according to CommercialEdge.
Earlier in the spring, Cypress West and TPG Angelo Gordon formed a programmatic joint venture aimed at acquiring approximately $300 million worth of medical office assets across the Sunbelt region over the next two years.
The four-story facility opened in 1985 and underwent exterior renovations in 1999 and 2015. The building has 11,700 square feet of floor space, two passenger elevators, an on-site lounge, controlled access and 198 parking spaces.
The Scripps Health-based facility is currently leased to 12 tenants, including the Oncology Institute of Hope and Innovation, Grimaldi Center, Neuron Clinic and LabCorp.
Located at 450 4th Ave., the facility is on the Scripps Mercy Hospital Chula Vista campus and has access to Interstates 5 and 805. Downtown San Diego is more than 10 miles northwest of the facility. Other healthcare providers in the surrounding area include Adams Medical Clinic, Concentra Urgent Care, Chula Vista Family Health Center and Trullos Medical Center.
The JLL Capital Markets team included Director Matt DiCesare and Senior Managing Director Evan Kovack.