CBRE Global Investment Partners has acquired a 95% stake in a 25-building medical office portfolio.

Exact terms of the agreement have not been disclosed, but the purchase price was estimated to be between $510M and $590M and includes 1.4M SF of existing space spanning 10 states, the Wall Street Journal reports. CBRE's GIP acquired the controlling stake from Los Angeles-based Kanye Anderson Real Estate Advisors.

Going forward, GIP will partner with KAREA and MB Real Estate Healthcare to develop a plan to strengthen tenant relationships in addition to strategically targeting capital disbursement in an effort to improve the patient experience.

"We are pleased to partner with Kayne Anderson and MB Real Estate in this venture given their strong relationships with key tenants and industry participants,” CBRE Global Investment Partners Chief Investment Officer Ian Gleeson said in a release.

KAREA and MBRE Healthcare maintain a combined 5% stake in the portfolio and will continue to manage the properties — 95% of which are occupied with a mix of national and regional healthcare tenants.

This deals marks the first medical office portfolio acquisition completed by CBRE GIP.