Medical Schools Planned for UNLV, UNR; MVP Closes on 5th Building in $55M Office Portfolio

As the Las Vegas market sees signs of improvement in terms of home prices and the office sector is finally showing signs of life, recent headlines were made by the University of Nevada Las Vegas. The institution is reportedly looking to create a new medical school to add to its current offering in southwest Nevada.

As the Las Vegas residential market continues to improve and the office sector shows signs of life, a partnership of educational institutions is also eyeing growth..

A memorandum of understanding was recently signed by the Nevada System of Higher Education; the University of Nevada, Las Vegas; the University of Nevada, Reno; and the University of Nevada School of Medicine. The agreement marks the first step toward establishing four-year medical schools on both the UNLV and UNR campuses.The Las Vegas Review-Journal reports. This move comes as a result of a directive to develop a school of medicine with the effort of UNR and UNLV, according to The Las Vegas Sun.

In investment news, MVP REIT Inc. said Oct. 28 that it closed on the fifth of six buildings it is under contract to buy in an office park at 8905 W. Post Road.

Most recently, MVP closed on a 22,000-square-foot Class A office building for $6.1 million. The property is part of a $55.1 deal for the six-building campus.

The property is 91 percent occupied by tenants with triple-net leases. MVP financed the purchase by assuming $3.5 million in debt and transferring around 296,106 shares of the company’s common stock valued at $8.78 per share, the REIT said in a statement.