Top-Tier Sponsor seeking $9.2M JV equity partner for ~$23M acquisition / medical office conversion. Property comprised of two value-add buildings totaling 73k sf in total. Opportunity to complete medical office conversion and raise rent when remaining traditional tenant vacates. Asset is 88% occupied to four tenants (3 medical, 1 traditional) with a 6% cap rate which represents above market returns in a strong and growing market, currently experiencing a shortage in medical office product.

SUMMARY
Type: Medical Office
Location: Las Vegas/Henderson
Structure: JV Equity
Acquisition Price (per sq. ft.): $23 million ($314/SF)
Total Equity: $9.2 million
Hold Period: ~5 years