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November 30, 2023
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Cypress West Partners Picks Up 42k sf Medical Office Property in Las Vegas


Cypress West Partners acquired Shadow Professional Center, a 41.8k sf, medical office building located in Las Vegasí quickly growing Medical District, in an $8.6 mil ($205/sf) transaction. The two-story, 80% leased property was sold by Fullerton Properties.

Shadow Professional Center is strategically located within the Las Vegas Medical District, which is anchored by several hospitals, specialty facilities, and major educational institutions, including Valley Hospital and the future UNLV School of Medicine, both located just one block from the property. This highly concentrated medical submarket includes several other synergistic tenants such as University Medical Center (UMC), UMC Trauma Center, the UNLV School of Dental Medicine, the Milan Institute, Southern Nevada Health District Lab, Southwest Medical Surgical Center, Horizon Specialty Hospital of Las Vegas, among many others, all within a few block radius.

Mark Schuessler and Mike Tabeek with Newmark represented the seller in the transaction..

According to Newmarkís Global Healthcare Services specialty practice group, Medical Office Building (MOB) transactions had a strong finish to 2021 with $4.8 bil in transaction volume during the fourth quarter. This represented a 14% increase in transaction volume compared to the fourth quarter of 2020. More investors are entering the MOB asset class and as a result, cap rates compressed to 5.9% for the quarter. The tightening of the market drove the average price per square foot to $389, its highest level over the past five years.

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