The 38,456 square foot medical office building is located across from Saint Mary's Medical Campus and is 90 percent occupied with a strong tenant mix of private doctor groups, large hospital groups, pharmaceutical, and other medical related tenants. Colliers Reno represented the seller, St. Mary's Medical Plaza LLC, in the sale to St. Mary's Medical Building LLC for $5,500,000.00 at a cap rate of 7.1 percent.
"We are excited to complete this transaction and be part of the ever growing and changing downtown Reno area," said Molyneaux. "We were honored to represent some of Reno's finest physicians in the transaction who had been tenants and owners for decades in this prominent building."
"We used a multi-discipline approach with creative ideas from three seasoned brokers who added value in seeing multiple offers and overcoming tough obstacles, but in the end providing a win-win for both the buyer and seller," added Stoever.
Molyneaux further explained that "Colliers, along with the seller, share in the sentiment that this building is ideally located in the Fountain District and Saint Mary's Campus area, with close proximity to a future Eldorado Resorts project and we know the new owner will continue to build upon the building's legacy."
Colliers Reno currently houses eleven brokers and lists over 145 million square feet of commercial real estate. Colliers is one of the top brokerage firms in Northern Nevada and specializes in office, retail, industrial, investment, multifamily, and land services.
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world's most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers has also been ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
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For further information, please contact:
Operations Supervisor/Marketing Coordinator, Brokerage
Colliers International | Reno
100 West Liberty Street, Suite 740
Reno, NV 89501
+1 775 823 6628