Most of the office space acquired by the fund, CB Richard Ellis Corporate Partners LLC, is on the campus of Sierra Health's corporate headquarters in northwest Las Vegas. The clinics are scattered across the metropolitan area, a spokesman for Sierra Health Services says.

Sierra Health is a managed health-care company that serves more than 1.3 million people. CB Richard Ellis Investors is the $10-billion investment-management arm of LA-based real estate services giant CB Richard Ellis.

Neither Sierra Health or CB would disclose the value of the leaseback portion of the deal. But Sierra Health chairman and CEO Anthony M. Marlon says the initial net proceeds of the sale will be about $61.7 million, $50 million of which will be used to pay down the company's debt.

Such sale-leaseback transactions have gained momentum over the past year or so, as many non-real estate companies have sought to tap the built-up equity in their properties for use in their core businesses. By entering a sale-leaseback, the seller not only "cashes out" its holdings but also locks in its occupancy costs for the length of the new lease.

Christina Roush and Charles Moore from the Las Vegas office of CB Richard Ellis and Robert Young of the firm's Phoenix office represented Sierra. The buyer was represented in-house.