Search
 

Turning Cons into Pros With Older Medical Buys

RANCHO SANTA MARGARITA, CA—There are many issues with older medical-office buildings that don’t exist with new acquisitions. GlobeSt.com speaks EXCLUSIVELY with Cypress West’s partners to get the skinny on this sector.

Jeff Johnson Johnson: “Location is key to our acquisition strategy, and we tend to lean toward ‘purpose built’ assets.”

RANCHO SANTA MARGARITA, CA—There are many issues with older medical-office buildings that don’t exist with new acquisitions, Cypress West Partners partners Jeff Johnson and Chris Cumella tell GlobeSt.com. The firm recently acquired McHenry Medical Building, a 62,000-square-foot, multi-tenant medical-office building at 1541 Florida Ave. in Modesto, CA—which Real Capital Analytics reports was completed in 1991—for $9.45 million from Medical Surgical Associates and plans to invest more than $1 million in initial capital improvements. We spoke exclusively with the partners to get the skinny on this sector.

GlobeSt.com: What are some of the challenges in taking over older medical-office properties? 

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Carrie Rossenfeld

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

More from this author

Recommended Stories

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.