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June 18, 2024
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Montecito Companies Picks Up adjacent Medical Office Buildings in Las Vegas for $8.4 Mil


Nashville, TN-based Montecito Companies acquired two adjoining medical office buildings in Las Vegas in a sale/leaseback transaction valued at $8.4 mil. The buildings, located at 7189 and 7195 Advanced Way, are equal sized and total 21k sf in size.

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 buildings are fully occupied by Advanced Orthopedics and Sports Medicine, who comprise one of the leading and most trusted Orthopedic groups in Las Vegas.

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 Fwy 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.

Barton Hyde with Avison Young 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.

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