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 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.