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New REIT Bets $38M on Medical Buildings

LAS VEGAS, NV-The newly formed Windrose Medical Properties Trust of Indianapolis closes on four medical buildings here totaling nearly 165,000 sf. The tenant in all four buildings is Sierra Health Services, Nevada's largest health maintenance organization.

By Bob Howard | Updated on September 16, 2002

LAS VEGAS, NV-Indianapolis-based Windrose Medical Properties Trust, a newly formed real estate investment trust, bought four medical buildings totaling nearly 165,000 sf for $38.6 million from CB Richard Ellis Corporate Partners of Los Angeles.

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.

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