Montecito Medical, a premier owner of medical office properties throughout the U.S., has completed the acquisition of a 32,000+ square-foot medical office building in Las Vegas, Nevada.Las Vegas Urology serves as anchor tenant for the property, which also is currently home to two other specialty medical providers.“We are pleased to have added a third medical office asset in Las Vegas to our portfolio in the past month,” said Bryan Brown, Senior Vice President of Acquisitions at Montecito Medical. “Our continued investments here show our commitment to this market and are evidence of the popularity of our partnership model with physician groups whose buildings we acquire.”Las Vegas Urology is a major specialty provider in the area, with 22 physicians and 9 locations. The property acquired by Montecito serves as the group’s headquarters. The group plans to add an ambulatory surgery center within the building.The other specialty tenants, who together lease approximately 30% of the space, include a prostate cancer center and a foot, ankle and nerve center.The property is located just off the Interstate 215 loop, approximately 15 minutes west of the Las Vegas Strip. It is also within a 7-minute drive of two hospital campuses.With a boom in population growth since 2008, Las Vegas has become one of the hottest commercial real estate markets in the country. “We are excited about our growing presence here and plan to build on that,” said Montecito CEO, Chip Conk. “We look forward to helping even more physicians in this area make the most of their medical real estate.”
