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Category – Office – Rural

MDL Group Facilitates Build-to-Suit with DaVita | HealthCare Partners in Pahrump, Nevada

mdlgroup-logoMDL Group/CORFAC International announced today that the firm has facilitated the ground up development of a 57,000-square-foot medical office facility in the growing town of Pahrump, Nevada, which is located 60 miles west of Las Vegas. DaVita | HealthCare Partners (www.davitahealthcarepartners.com) will occupy and operate the facility when it opens next year.

Hayim Mizrachi, CCIM, Jarrad Katz, SIOR, CCIM, and Galit Kimerling of MDL Group facilitated the transaction between the land owner, developer and tenant.

Thousandaire Inc. contributed the 7.26 acre land site to the development for approximately $885,000. Dakem & Associates (www.dakemllc.com) was selected through a competitive bid process as the developer and to build the new facility for DaVita | HealthCare Partners. Dakem is a preferred developer for DaVita having delivered dozens of facilities in Southern Nevada over the last 16 years. DaVita executed a long-term lease with the property owner. Terms of the lease could not be disclosed except that the deal was valued in the tens of millions of dollars. The development was funded by Aimee Burford and Bill Oakley, Vice President and Senior Vice President of Real Estate respectively, with Bank of Nevada, a division of the Western Alliance Bank.

“Southern Nevada continues to grow and we are pleased to have the resources to serve the region with comprehensive commercial real estate services. We are particularly proud to be able to work with Dakem and HealthCare Partners in delivering a state of the art healthcare facility to neighboring Pahrump,” said Hayim Mizrachi.

According to U.S. Census data, Pahrump’s population has increased 47.9 percent since 2000. The most recent population survey was in 2010 when the town had 36,441 people. It has grown every year since then, Mizrachi said.

Valley Medical Office Market Slumps in 2014

PartellMedicalCenter1Southern Nevada’s medical office vacancies stood at 18.3% in the fourth quarter, up 1.4 percentage points from a year earlier, said Colliers International research manager John Stater. There were no new completions with no new medical office products planned or under construction. However, medical office asking rents increased over the past year to $2.13 per square foot on a full service gross basis. For more information, CLICK HERE.

Valley Office Market Sees Sluggish Recovery in 2014

OfficeSouthern Nevada’s office market has improved since the days of the Great Recession, but the recovery has not been particularly stable or powerful despite employment growth, said John Stater, Colliers International Las Vegas’s research director. The office market is experiencing increased competition from flexible non-office properties and a general trend towards occupying less office space per employee. In 2014, net absorption decreased to 544,261 square feet from 823,744 square feet in 2013. New completions were lower in 2014 versus 2013, at 376,620 square feet. Meanwhile, vacancy rates decreased slightly by 0.5% to 20% last year from the prior year, while average asking rent grew to $1.90 per square foot full service gross. For more information, CLICK HERE.

Valley Medical Office Market Dips in Second Quarter

medical1Southern Nevada medical office vacancy stood at 19.8% in the second quarter, which a 1% increase from one quarter ago and one year ago, says Colliers International research manager John Stater. The average medical office asking rent rose to $2.15 per square foot or 4 cents more than a quarter ago and one year ago. Medical office net absorption was negative 61,189 square feet, up from one year ago, which saw negative net absorption of 100,802 square feet. There were no new medical office completions during the second quarter. For more information, CLICK HERE.

Pahrump Medical Office Building Sold for $3.8 Million

Pahrump Medical Office Building Sold for $3.8 MillionDoodle Properties LLC bought the 3-year-old 12,545-square-foot Davita Medial Office Building, on 1.26 acres, at 330 Lola Lane in Pahrump for $3.8 million, or $303-per-square-foot, from Pahrump-Zim LLC. MDL Group’s Jarrad Katz and Galit Kimerling represented the seller; Welsand and Associates’ Denny Welsand represented the buyer. The building was 100% occupied at the time of sale.

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