Kingsbarn Purchases a Class-A,
Medical Office Building in Las Vegas, Nevada
Las Vegas, Nevada, January 15, 2021 – Kingsbarn Realty Capital (“Company” or “Kingsbarn”) announced the acquisition of the Centennial Hills Medical Center (“CHMC”), in Las Vegas, Nevada. CHMC is an approximately 57,000 sq. ft., Class-A, medical office building in the Montecito Town Center area of northwest Las Vegas.
"The acquisition of Centennial Hills is a perfect fit for our program," said Jeff Pori, CEO of Kingsbarn Realty Capital. "We like medical properties in tax-free states, and we prefer triple net leases so that the income stream is consistent and predictable."
The property, located at 6170 North Durango Drive, is a two-story, Class-A medical office, that is currently 100% leased to seven strong and diverse tenants with an average of approximately seven and a half years of remaining lease term. CHMC is situated on a medical campus very near Centennial Hills Hospital.
"We provide great 1031 exchange investment opportunities for the investors in our Delaware Statutory Trust (“DST”) program,” Pori further stated. “Medical office is widely considered to be a COVID-19 resistant industry because many non-essential procedures have been moved to facilities like Centennial Hills Medical Center. These outpatient procedures are necessary in the current environment because they are prohibited in many hospitals in order to prevent the hospitals from being overwhelmed during the pandemic.
The Company will offer the investment through its affiliate, KB Exchange Trust, as KB Essential Healthcare 38 DST—a separate legal entity that qualifies under Section 1031 for an IRS for a tax-deferred exchange. This DST investment structure provides investors with fractional ownership in higher-quality properties and is also is very useful in helping investors diversify their real estate portfolios in a much easier fashion that attempting to purchase multiple properties on their own. There is be a total of $12,950,000 of equity available being offered in KB Essential Healthcare 38 DST and investors must be “accredited investors” in accordance with Regulation D of the U.S. Securities Act of 1933, as amended (the “Securities Act”).
About Kingsbarn Realty Capital
Kingsbarn Realty Capital is a real estate private equity and development firm based in Las Vegas, Nevada. Kingsbarn structures its real estate investment opportunities for both fractional 1031 investors as well as providing customized portfolio solutions for large scale investors. Kingsbarns’ management team has wide-ranging experience developing, managing, operating and sponsoring a diversified portfolio of stabilized, income-driven properties. Kingsbarn has acquired and currently operates over $500 million of commercial real estate throughout the United States. In 2020, Kingsbarn Capital and Development was founded as the company’s development arm to expand its product offerings for investors to include ground-up development of real estate assets and to fund operating companies who require real estate solutions across the United States.