The seller is a subsidiary of publicly held Health Care Property Investors of Long Beach, CA. The new owner is Triple Net properties, a Santa Ana, CA-based tenant-in-common syndicate. The sale closed Tuesday.
The property was constructed in 1998. The office building is a central component of the Sierra Health Services' corporate headquarters campus and is connected to another building that houses Sierra's executive operations, which Sierra still owns.
Included in the sale is a five-story parking structure adjacent to the building and a vacant, noncontiguous 1.6-acre frontage pad, according to a press release from Triple Net. The release did not include the sale price or the seller, which it described only as "a subsidiary of a publicly traded healthcare REIT."
According to Clark County records, HCPI acquired the property in late March 2002 from Sierra Health Services for $44.5 million and flipped it to its subsidiary, AHP Nevada Inc., a few days later in April for $45 million.
AHP retained Kevin Shannon of CB Richard Ellis to sell the building. Shannon declined to confirm the name of the seller or the sale price, but did say there was a lot of interest in the asset and that the $364-per-sf sale price is "a big number for Vegas."
Danny Prosky and Tania Konishi oversaw the transaction for Triple Net. Acquisition financing was provided by Wachovia and arranged by Eric Tupler and Kirk Danley of CBRE Melody.
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