Woodside Pays $27M for Las Vegas-Area MOB – What is a Ground Lease?

, Woodside Pays $27M for Las Vegas-Area MOB – What is a Ground Lease?, Robert Khodadadian

Pecos Plaza. Image courtesy of CommercialEdge

Woodside Health has acquired Pecos Plaza, a 124,000-square-foot medical office campus in Henderson, Nev. MIG Real Estate sold the asset for $26.7 million and the facility was subject to an acquisition loan of $20.6 million provided by Independent Bank, Clark County records show. With this purchase, Woodside Health exceeded $1 billion in transaction volume.

The property last traded in 2014, when the previous owner bought the campus from Wells Fargo Bank for $17.5 million, as part of an REO sale, according to CommercialEdge data.

Pecos Plaza came online in 2006 and encompasses eight one- and two-story buildings spread across 7.6 acres. The Class B medical campus offers controlled access and parking at a ratio of 4.2 spaces per 1,000 square feet. The assets are 90 percent occupied, with the tenant roster including Belle Medical, Las Vegas Urology, Serenity Dental and Innovative Pain Care Center, among others.

The property is located at 9005-9089 S. Pecos Road, 6.9 miles from downtown Henderson, 18.3 miles from Las Vegas, and has access to Interstate 215. Other medical facilities in the surrounding area include ER at Green Valley Ranch, Southwest Medical Heights Urgent Care and Dignity Health Rehabilitation Hospital.

Recent Woodside Health deals

Founded in 2008, Woodside Health owns more than 2.5 million square feet of health-care assets. The current purchase marks the company’s 48th acquisition. The firm previously made investments in the medical office sector in Arizona, Florida, Georgia, Nevada, Ohio and Texas.

Earlier this year, Woodside Health recapitalized a 10-property, 423,000-square-foot medical office portfolio spanning four states, in a transaction valued at $140 million. Last year in June, the company acquired Optum Center, an 81,907-square-foot medical office building in Phoenix anchored by UnitedHealthcare. Talia Jevan Properties Inc. sold the asset for $20 million.

The post Woodside Pays $27M for Las Vegas-Area MOB appeared first on Commercial Property Executive.

 Investment, Las Vegas, Medical Office, News, West, Independent Bank, MIG Real Estate, Woodside Health 

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