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Phoenix & Southwest  + Southwest  + Healthcare  | 

Las Vegas’ Medical District Sees Another Sale

Two stories and 80 percent leased, Shadow Professional Center in Las Vegas has sold for $8.6 million, according to Newmark, who completed the sale. The Center is in Las Vegas’ expanding Medical District.

Newmark Managing Director Mark Schuessler and Senior Managing Director Mike Tabeek represented the seller, Fullerton Properties. The buyer was Cypress West Partners. 

Shadow Professional Center is located within the Las Vegas Medical District (LVMD) and anchored by several hospitals, specialty facilities, and major educational institutions, including Valley Hospital and the future UNLV School of Medicine.

Newmark calls out several arket factors and research in the news release:

According to Newmark’s Global Healthcare Services specialty practice group, Medical Office Building (MOB) transactions had a strong finish to 2021 with $4.8 billion in transaction volume during the fourth quarter. This represented a 14% increase in transaction volume compared to the fourth quarter of 2020. The $4.8 billion in transaction volume is the third-largest quarterly amount over the past five years. 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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