Cypress West Partners (Cypress West), in joint venture with TPG Angelo Gordon, acquired Del Mar Medical Park, a two-building, 101,546-square-foot medical outpatient campus located in Boca Raton, Florida. The campus is currently 92.4% occupied. This marks the joint venture’s 11th acquisition since inception.
IP Capital Partners and The Ardent Companies sold the property for $33.6 million.
“The asset provides an immediate value-add potential through conversion of existing professional office suites to medical use, with an emphasis on attracting large tenants who would fit within the more traditional medical tenancy,” said Cypress West’s Sam Clark.
Originally developed in 1982 and 1986, Del Mar Medical Park was repositioned into a healthcare-focused facility following a more than $4 million capital improvements investment completed between 2022 to 2024. The campus houses 50 tenants spanning 20 specialties. The tenant mix covers a broad range of specialties, including OBGYN, internal medicine, pediatrics, dentistry, cancer treatment, cosmetic surgery, and behavioral therapy.
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