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Work on medical office complex progressing
September 27, 2004 - The 100,000-square-foot first
phase of Coronado Medical Center is nearly completed at Sunset
Road and Interstate 215, within walking distance of Southern
Hills Hospital and Medical Center.
The 10-acre center is part of the medical office development
needed to serve three new hospitals open or under construction
in southwestern Las Vegas.
Kent Barry, principal of Coronado Investments, said five of
the six buildings are being offered for sale at about $210 a
square foot, and two of them are sold.
A three-story, 52,000-square-foot building with beltway
visibility and a view of the Strip is going to be leased for
about $2 a square foot.
A seventh building is under construction for 5,300 square feet
of retail use, possibly a sandwich and coffee shop, Barry
said.
The total project cost is $16 million for the first phase, he
said. His partners are Jeff Guinn and Jennifer Schai of Aspen
Financial.
"I think the key thing is that Kent got up before anyone
else," said Kit Graski, senior vice president of Voit
Commercial Brokerage, which is marketing the property. "He's
trying to get a big piece of the market right off the bat."
Barry, who developed upscale projects when he was with Peccole
Nevada Corp., said he foresees hundreds of thousands of square
feet of medical space coming on line in the next 18 months.
Developers will deliver just more than 1.1 million square feet
of office space this year, about the same amount of new
construction brought online in 2003, Marcus & Millichap
reported.
Jeremy Aguero, principal of Applied Analysis, said one-third
of office space absorption in 2003 was within a half-mile of
the beltway.
"I really like this for-sale product," Barry said. "Doctors
put so much into tenant improvements, they don't want to spend
$500,000 on equipment for their office and have someone not
renew their lease. It makes more sense for them to buy. It's
an investment. This way they own it and control their own
destiny."
Kitchell Construction is the general contractor for Coronado
Medical Center. The three-story building is a structural stud
wall framed with a combination of slate tile, ribbed metal
panels and energy-suppressing fire protection system.
Barry said he chose the color palate to complement Southern
Hills Hospital, to give the appearance of one campus. Each
building has a slightly different tint.
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Article ©: H. Smith, Las Vegas Review-Journal
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