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6/30/14
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Dornin Investment Group recently acquired Seven Hills Medical Center, a two-building, Class A medical office property in Henderson, NV. Built in 2006, the asset consists of two identical, two-story medical office buildings totaling 43k sf of space.
The buildings are located at 866 and 870 Seven Hills Dr, within the upscale, master-planned community of Seven Hills. The complex offers access to the I-215 and I-15 freeways, and is in close proximity to St. Rose Hospital, MacDonald Ranch, Seven Hills, Anthem, and Silverado Ranch. It is located on the southeast corner of Seven Hills and Horizon Ridge, just south of St. Rose Pkwy, and conveniently located at the entrance to Seven Hills, offering Las Vegas Strip Views.
The buildings were 93% occupied at the close of escrow by a solid mix of medical office tenants and offer a compelling upside through below market rents and an improving economy. The acquisition was part of a 1031 exchange for Dornin.
Jason Lesley of Colliers International represented both parties in the off-market, all-cash transaction. The price was not disclosed.
Chris Dornin, CEO, President, and founder of Dornin Investment Group, noted, "We are seeing meaningful increased leasing activity in our Las Vegas portfolio and these properties represented an outstanding opportunity to acquire two high-quality, well-leased medical office buildings with strong going in yields at a substantial discount to replacement cost, and rents well below previous market highs."
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