LAS VEGAS-Healthcare Trust of America Inc., a self-managed, non-traded, real estate investment trust, has purchased an on-campus medical office building here for approximately $19.1 million. The San Martin Medical Arts Pavilion is a 73,300-square-foot multi-tenant medical office building that was completed in 2007 and is located on the San Martin Campus of St. Rose Dominican Hospital.
“This transaction is HTA’s first acquisition in Las Vegas, Nevada, and is consistent with our strategy of targeting stabilized medical office buildings in markets with demographics that have attractive long-term fundamentals,” explains Mark Engstrom, executive vice president of acquisitions for HTA. “This is a significant opportunity to acquire an on-campus medical office building that is affiliated with a strong hospital and healthcare system.”
The Medical Arts Pavilion is 95% leased with an average remaining lease term of approximately seven years and includes such as Catholic Healthcare West and Nevada Cancer Centers. Established over 35 years ago, Nevada Cancer Centers was the first outpatient Hematology/Medical Oncology practice in southern Nevada and is one of the largest in the state.
The three-story, on-campus Medical Arts Pavilion is connected directly to St. Rose Dominican Hospital, a 147-bed acute care hospital that opened in 2006 to serve the growing needs of the southwest Las Vegas community.
Since January 1, 2010, HTA has acquired approximately $344.5 million in medical office and healthcare related assets based on acquisition price, including 1.5 million square feet of gross leasable area in 2010, which is 98% leased with an average remaining lease term of 8.2 years.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
