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Sign in Sign up for a FREE subscriptionMedProperties and Cypress West acquire Las Vegas healthcare facility in 8th JV
MedProperties Realty Advisors has teamed up for the eighth time in a joint venture partnership with Cypress West Realty Partners, acquiring a 39,279-square-foot, class A MacFarlane Medical Center in Las Vegas.
The three-story facility at 8352 W. Warm Springs Road, east of Durango Drive, is 94 percent leased and anchored by a surgery center and diabetes and obesity multispecialty practice. Other specialties housed in the medical office building (MOB) include orthopedics, hematology, podiatry, pediatrics, optometry and a pharmacy. It is also adjacent to the 147-bed, acute care Dignity – San Martin Hospital campus.
Jon Foulger, director of acquisitions for MedProperties, said that when the MOB was developed during the global economic downturn of 2008–2009, the previous owner offered below-market lease rates to attract tenants and stabilize the building.
“This asset will deliver attractive, risk-adjusted, value-add returns by rolling 100 percent of the tenant
