CBRE brokers largest Reno office transaction in a decade

Saint Mary’s Center for Health has sold for $66,250,000, the largest office sale in the Reno market in at least a decade, CBRE Capital Markets announced Friday, May 7,

Aiman Noursoultanova with the CBRE Capital Markets team in Reno, executed the high-profile sale along with CBRE’s National Healthcare Capital Markets Group.

The 190,754-square-foot Class A medical office building is located at 645 N. Arlington, across Arlington Avenue from Saint Mary’s Regional Medical Center in downtown Reno.

“I think it’s great for Reno,” Noursoultanova told the NNBW in a phone interview after the announcement.

Buyer and seller are both real estate investment trusts (REIT), she said “They bought it as an investment. It has a lot of long-term leases.”

The Saint Mary’s Center for Health, a trophy medical office building constructed in 2005, is a state-of-the-art-property that sold 100 percent leased to medical tenants.

About 80 percent of the tenants are affiliated with Saint Mary’s, Jamii Uboldi, director business development and marketing/communications for Saint Mary’s Health Network, said. The sale is not expected to affect the medical offices and services in the center.

“It’s just the building” that sold, Uboldi told the NNBW.

The sale is an example of the strong office market. According to CBRE’s just released first quarter 2017 report, “The region is attracting strong investor interest from outside the market due to unprecedented job growth and superior market fundamentals.”