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TEXAS/SOUTHWEST NEWS
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Vegas Veterans Administration Building Sells for Over $26 Mil

10/01/15

The Veterans Administration Building, a 35k sf office building in Las Vegas, has sold at a price of $26.75 mil ($764/sf). The building, located at 3968 Rancho Drive, east of the 95 Fwy and south of Craig Rd, is fully occupied by the Veterans Administration on a long-term lease.

The property is a VA medical facility that has been specifically built-out for the tenant with procedure rooms, patient rooms, waiting areas, a pharmacy and more. The buyer owns other single-tenant assets across the country and found the low-risk associated with the government-funded, single-tenant occupant to be an attractive selling point.

Charles Moore, CSM, and Marlene Fujita Winkel, CCIM, both of CBRE Las Vegas, represented both parties in the transaction. Moore and Winkel, along with CBRE colleague M. Laura Hart, also recently brokered several other medical office building transactions including three for Coast Dental on behalf of the seller, Sonrisa Venture LP. These included:

• $1.55 mil for Coast Dental Windmill, a 4.5k sf property located at 2660 Windmill Pkwy in Henderson. The buyer is Brilliance Holdings LLC, who was represented by Tin Lee of Skyline Properties in Bellevue, WA.

• $1.225 mil for Coast Dental Flamingo, a 3.5k sf property at 8445 W. Flamingo Rd in Las Vegas. The buyer, Luis M. Chibras Romero and Ivan E. Chibras Rabell, was represented by Trent Billingsly of EBO Realty.

• $407k for Coast Dental Pahrump, a 2.1k sf property at 1420 E. Highway 372 in Pahrump, NV. The buyer, Hung Nguyen and Hoa-Dao Phan, was repped by Hendry Dang of ML Consulting & Development.

In a separate transaction, Moore and Fujita Winkel represented the buyer in the $710k purchase of three medical office buildings located near St. Rose De Lima Hospital encompassing 24.2k sf of space. They’re located at 106, 108 and 110 E. Lake Mead Pkwy in Henderson. The seller was not represented in the deal.

“There are very few trades of medical office buildings in our market as investors realize the more stable investment of owning medical office when compared with other product types,” said Fujita Winkel. “Tenants spend significantly more dollars per square foot on tenant improvements, their patients don’t like change and changing locations becomes a true disruption to a doctor’s business. The returns on medical office buildings may not be as high as office or retail, but the risk tends to be worth the price.”





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