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Avison Young brokers $8.4 million sale-leaseback of two medical office buildings totaling 21,020-sf in Las Vegas
June 8, 2022
Las Vegas, NV – Avison Young announced today it has brokered the sale-leaseback of two adjoining medical office buildings located at 7189 and 7195 Advanced Way in Las Vegas, NV. The properties are equal sized and total 21,020 square feet (sf). They are fully occupied by Advanced Orthopedics and Sports Medicine, who comprise one of the leading and most trusted Orthopedic groups in Las Vegas. The portfolio sold for $8.4 million ($400 per sf).
Avison Young Principal Barton Hyde represented the seller, a group comprised of six physician owners who have signed a 15-year leaseback for the space. The sellers’ exit strategy was prompted by a strong investor demand for medical office assets as well as an attractive cap rate environment. The buyer, Nashville, TN-based Montecito Companies was self-represented.
Built in 2009 and renovated in 2019 and 2020, the Class A properties consist of orthopedic examination rooms, radiology, and physical therapy spaces and are part of a three-building campus that includes an ambulatory surgery center building.
“The Southwest submarket is the most sought-after location within greater Las Vegas due to its central access to Summerlin, Henderson, North Las Vegas, McCarran International Airport, Las Vegas Strip and modern housing communities. We are seeing active investor groups targeting Las Vegas as a good place to own commercial property and this transaction is testimony to the growing demand,” said Hyde.
The property is located in the fast-growing and highly desirable Southwest Las Vegas submarket and is directly across from Dignity San Martin Hospital, and minutes from the 215 Freeway via Durango Drive and Warm Springs Road. There is a significant amount of business and retail services, banks, restaurants and residential communities in the immediate area.
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Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.