Roseman expands Summerlin real estate holdings with $29M purchase
Roseman University of Health Sciences has purchased an office building in Summerlin near two others it owns, giving it more space for its planned medical school.
Roseman acquired the three-story building at 3755 Breakthrough Way, off Town Center Drive and the 215 Beltway, for $29 million, property records show.
The sale, by Dornin Investment Group, closed Monday.
The suburban Las Vegas building spans around 98,650 square feet, Dornin said, and comes with a parking garage. Its tenants include University of Phoenix and casino operator Affinity Gaming, neither of which responded to requests for comment.
Roseman will honor any current leases, some of which last for several more years, though it plans to gradually take full occupancy of the building and not renew the tenants’ rental contracts, university President Renee Coffman told the Review-Journal.
She said that Roseman – a private, nonprofit university that offers programs for dental, pharmacy and nursing students – aims to open its MD-granting medical school in 2024 or 2025.
Roseman has locations in Henderson and Utah as well, but the medical school would be based in the Summerlin buildings, with the newly purchased one holding administrative and other office staff, Coffman indicated.
Dornin said in a news release that the building was only around 50 percent occupied when the real estate firm bought it for $20 million in 2013, and that it is now “effectively” fully rented, as there were two pending leases on the one remaining available space at the time of sale.
Eric Entringer, vice president of capital markets for Dornin, told the Review-Journal that Roseman was “the natural buyer” for the property.
Last year, the pandemic prompted countless employers to close their offices over fears of the new coronavirus, raising questions about how much space companies really need as people worked from home, albeit at risk of prolonged distraction and isolation.
Entringer, however, said his firm’s leasing activity “picked up dramatically” this year as vaccines rolled out.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.