Boca Raton, FL (September 12, 2025) — Cypress West Partners (Cypress West) in joint venture with TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG, announced the acquisition of Del Mar Medical Park, a two-building, 101,546-square-foot, medical outpatient campus that is currently 92.4% occupied and located in the heart of Boca Raton, Florida. This marks the joint venture’s 11th acquisition since inception.
“This campus is the joint venture’s first acquisition in Florida. The asset was particularly attractive due to its location in an affluent and demographically robust corridor. Plus, it 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 Sam Clark, Vice President at Cypress West. “Now with this foothold, the team will look to increase its Florida and southeastern portfolio.”
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, including prominent providers such as Baptist Health-affiliated Boca Care, Laboratory Corporation of America (Moody’s Baa2), and Unified Women’s Healthcare. The tenant mix covers a broad range of specialties, including OBGYN, internal medicine, pediatrics, dentistry, cancer treatment, cosmetic surgery, and behavioral therapy.
Located on Palmetto Park Road, the asset benefits from direct access to I-95 and Florida’s Turnpike, placing it within minutes of Boca Raton Regional Hospital and West Boca Medical Center. The area is undergoing a $550 million healthcare infrastructure expansion led by Baptist Health and Tenet, reinforcing long-term demand and tenancy stability.
In 2024, Cypress West and TPG Angelo Gordon announced a programmatic joint venture seeking to acquire up to $300 million in medical outpatient assets across strategic, high-growth Sunbelt and West Coast markets. The joint venture targets core-plus and value-add returns through leasing, repositioning, and redevelopment.
About Cypress West: Cypress West is a vertically integrated, owner-operator focused on acquiring, developing and operating institutional quality healthcare real estate throughout the United States. Based in Orange County, CA and Dallas, TX, the firm is led by its two founders, Chris Cumella and Jeff Johnson, and principals Eric Minor, Ed Hernandez, and Sam Clark who are responsible for leading a large, diversified portfolio of healthcare real estate with decades of experience underwriting medical properties. For acquisition opportunities, contact Sam Clark (sclark@cypresswestpartners.com) and Ed Hernandez ehernandez@cypresswestpartners.com). Learn more at www.cypresswestpartners.com
About TPG: TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $261 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.
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