Southern California–based healthcare investment, leasing, and property management firm Cypress West Partners, in a joint venture with MedProperties Holdings LLC — a national, healthcare-focused real estate private-equity firm headquartered in Dallas — has acquired Redhawk Medical Plaza in Temecula, California. The 32,471-square-foot, two-story medical-office property located at 44274 George Cushman Court marks Cypress West’s sixth acquisition with MedProperties.
The seller was represented by Marcus & Millichap’s Ben Tashakorian, David Benjamin, and Bradley Peters. Cypress West represented itself in the transaction. HFF’s Aldo Cole and Johnathan Chun assisted on securing the debt with CIT Bank.
SoCal Real Estate was unable to determine the sale price or the identity of the seller before deadline. Redhawk Medical Plaza is 100 percent occupied with major tenants that include McKesson Specialty Health, Pediatric Partners, California Imaging and Diagnostics, San Diego Fertility Center, New Point Wellness, and Crescent Healthcare. Built in 2001, the two-story property from a prominent location along Temecula Parkway, which forms the southwestern anchor of the Inland Empire. It is located approximately 2 miles east of Temecula Valley Hospital, a 140-private-bed hospital with 300 physicians and more than 600 employees owned and operated by Universal Health Services.
Ryan Borzouei, director of acquisitions for Cypress West, says, “This acquisition continues to scale a market that we consider to be right in our backyard.”
Jeff Johnson, a partner with Cypress West, adds that the firm’s goal “is to build upon what had been established by the previous ownership and freshen up the asset to enhance the tenant and patient experience. Our immediate plans include a common-area makeover featuring new flooring, painting, furniture and wall art. For the exterior, we plan to update the exterior painting and provide for new signage throughout the property to allow the tenants to showcase their branding.”
Cypress West Realty Management Inc. will handle property leasing led by Bryan McKenney, director of brokerage services for Cypress West.
In addition, HFF provided Cypress West $8 million in acquisition financing for the property. The loan was a seven-year, non-recourse, floating-rate loan with a commercial bank. The HFF debt placement team representing the borrower included senior managing director Aldon Cole.