Parkway Medical Plaza

100 N Green Valley Pkwy, Henderson, NV, 89074-6391, US

Description

Jones Lang LaSalle Brokerage, Inc. (“JLL”) is pleased to present the opportunity to acquire the fee simple interest in Parkway Medical Plaza (the “Property” or “PMP”), an 89,249 square foot outpatient medical building and ambulatory surgery center in Henderson, Nevada, the most desirable suburb in the Las Vegas MSA. The Property is 100% leased and anchored by Parkway Surgery Center, a joint venture between Dignity Health - St. Rose Dominican (S&P: A-) and United Surgical Partners International (“USPI”), the largest surgery center operator in the United States with interests in over 520 ASCs and 25 surgical hospitals.

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Attributes

Building area net

8,292 sm

Occupancy

100%

WAULT

5.2 years

Health system anchor

A-rated

Media

Investment highlights

Best-in-Class Institutional-Quality Asset 89,249 SF medical outpatient building anchored by Dignity Health (S&P: A), strategically located just four miles from Dignity Health’s 326-bed St. Rose Dominican Hospital (Siena Campus) to the south, and between Dignity’s San Martin and Rose de Lima campuses to the east and west, respectively
High-Performance Ambulatory Surgery Center Anchor 19,319 SF Parkway Surgery Center operated by Dignity Health/USPI joint venture ranks 11th in Nevada by case volume, with exceptionally strong average billed per discharge and 86.9% insurance/private pay
Diversified Medical Tenant Mix Synergistic healthcare tenant roster including ambulatory surgery, and specialty practices creating substantial cross-referral opportunities and barriers to exit
Significant capital investment and upgrades over $1M in recent capital improvements including elevator modernization, roof and HVAC upgrades, additional building automation, and common area renovations
Strong Healthcare Real Estate Market 94%+ medical outpatient occupancy rate within 1 mile and 2.9% annual market rent growth, supported by Henderson's aging population and influx of affluent retirees driving healthcare demand
Exceptional Location Within Successful Master Plan Located in Henderson's affluent Green Valley community with median household income of $99,309 (29% above US average) and strong population density of 153,000 within 3 miles
Las Vegas Economic Boom Tailwinds Market benefiting from $4B+ in sports and entertainment investments including Allegiant Stadium, Formula 1, and planned MLB stadium, driving population growth projected at 3x the national average