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December 18, 2018
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Cypress West Partners and Virtus Real Estate Capital Buy 89k sf MOB in Nevada


Cypress West Partners and Virtus Real Estate Capital have teamed up to purchase Parkway Medical Plaza, an 89k sf medical office building in Henderson, NV. The transaction is estimated to be worth close to $32 mil, or $359/sf.

Constructed in 1997, Parkway Medical Plaza is located at 100 N. Green Valley Pkwy, at the 215 Beltway. The three-story building is 95% occupied with tenants that include Healthcare Partners, Parkway Surgery Center (a joint venture with Dignity St. Rose Dominican and USPI) and CareMore.

Parkway Medical Plaza features steel and concrete construction. The property benefits from a prominent location within Green Valley, an affluent Henderson submarket, proximity to two Dignity Health hospitals and strategic visibility with easy access to Interstate 215 and North Green Valley Parkway.

This transaction marks the first joint venture for the two firms. They plan to make substantial capital improvements to the building systems and cosmetically during the first year of ownership. Leasing will be handled by Cypress West Realty Management Inc’s Director of Brokerage Services, Bryan McKenney.

“Parkway Medical Plaza represents the rare opportunity to acquire a true Class A quality medical office building in the Las Vegas market,” said Chris Cumella, Partner, Cypress West Partners.

This acquisition brings Cypress West’s total portfolio to over 2 msf in three major southwest U.S. markets. Cypress West’s long-term investment strategy includes acquiring 75% core and core + assets.

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