CB Richard Ellis says the newly formed trust's acquisitions included two buildings at 2300 and 2316 W. Charleston Blvd., which were built in 1985 and 1988 respectively. Combined, the properties comprise 57,275 sf of clinic space. A third building is a single-story facility built in 1982 that includes 49,014 sf of space and is at 888 S. Rancho Drive. The fourth building is a 58,396-sf, two-story structure at 4475 Eastern Ave. that was built in 1992.
Windrose represented itself in the deal. The CB Richard Ellis team included Bob Young, Glenn Smigiel, Rick Abraham and Steven Brabant of the firm's' Phoenix office, along with Christina Roush, Charles Moore and Geoff West of the company's Las Vegas location.
The tenant in all four buildings is Sierra Health Services, Nevada's largest health maintenance organization, with a 59% market share in the Las Vegas metropolitan area and a 47% share in the state. The buildings serve as offices for various medical service providers and specialists.
The four buildings acquired by Windrose were among at least seven the company has had under contract for acquisition, according to its prospectus filed with the Securities and Exchange Commission. The new REIT says one of its reasons for forming was to take advantage of a trend it has identified in the health care field, in which medical services providers are considering sale/leaseback transactions as an alternative to financing their businesses with debt and are selling real estate holdings to finance equipment and other expenses. The company's management also says the increasing load of regulations that health care companies face has spurred many medical institutions to dispose of their real estate assets to focus more on patient care and other operations more directly related to medicine.
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