A Southern California developer has acquired a cluster of medical office buildings in Henderson.
Cypress West Partners purchased a four-building portfolio on Wigwam Parkway at Pecos Road for $17.1 million, according to an announcement this week from Bear Real Estate Advisors, which represented the buyer in the deal.
The buildings — 2500, 2510, 2625 and 2649 Wigwam Parkway — span about 50,000 square feet combined and are fully leased.
Bear Real Estate founder and CEO Matt Bear said in the news release the newly acquired Wigwam Professional Center is in the “densely populated and affluent” Green Valley area, where demand for health care services “continues to grow along with the population.”
Cypress West, based in Rancho Santa Margarita, California, boasts a portfolio of dozens of properties in Arizona, California and Nevada.
Last year, Southern Nevada logged 12 medical-office investment sales, up from nine in 2020 and four in 2019, brokerage Colliers International reported.
According to Colliers, it is “safe to say that Southern Nevada’s medical office market has recovered from the 2020 lockdowns” and is “poised for expansion in 2022.”
Overall, this speciality office market “has had a bumpy history, with few stable periods of strong demand,” though users have taken more space lately.
If the health care sector remains stable in 2022, Colliers reported, “the market should begin to see rental rate growth, as there remains very little new development.”