HCA Pays $22M for Las Vegas MOB

The firm’s acquisition adds 86,300 square feet of Class B space to the neighboring Sunrise Hospital campus.
The Doctors Pavillion at Sunrise

Corrigan Cos. has sold The Doctors Pavillion at Sunrise, an 86,272-square-foot Class B medical office building in Las Vegas, to HCA Healthcare for $22 million, according to public records. The deal marks the first sale in the property’s history, per Yardi Matrix data.

Built in 1996, Doctors Pavillion is home to a mix of tenants, including the Women’s Cancer Center of Nevada and HealthCare Partners, according to Yardi Matrix. The building has a load factor of 14 percent and a parking ratio of 4.5 spaces per 1,000 square feet.

Located at 3131 La Canada St., the two-story building is on the eastern edge of the Sunrise Hospital and Medical Center campus, which HCA also owns. Less than 3 miles east of the Las Vegas Strip, the asset is connected to the larger metro via two local bus routes.

Health-care real estate in Las Vegas has largely held stable in recent years, according to a third-quarter report from Colliers International. Across the country, investment in medical office properties is anticipated to increase, thanks to escalated demand from an aging population and steadily rising rents.