September 2016 — Health Care Properties Quarterly —
Page 3
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Health Care News
The La Junta location of the largest
dialysis company in the United States
sold to an out-of-state buyer adding to
its Colorado portfolio.
The Fresenius Medical Center at
1012 Hayes Ave. sold as part of a
1031 exchange for $4.07 million. The
5,112-square-foot facility was sold by
a local Denver group that completed
the building this year as a single-ten-
ant, build-to-suit project for Fresenius.
Located less than a mile from the
Arkansas Valley Medical Center, the
building is leased to Fresenius on a
15-year lease.
Multiple full-price offers were
received on the asset. Jules Hochman
and Justin Brockman of Pinnacle Real
Estate Advisors LLC represented the
seller.
NexCore celebrates opening
of Vail Valley medical plaza
NexCore Group recently celebrat-
ed the opening of the three-story,
48,400-square-foot Buck Creek Medi-
cal Plaza in Avon.
The national health care real estate
developer broke ground on the project
more than a year ago. It was designed
to realize a long-standing but elusive
goal of constructing a new health care
facility that uses 21st century delivery
models to provide consolidated outpa-
tient and emergency care in a conve-
nient location in the Vail Valley.
“I can’t tell you how proud we all
are that NexCore was able to pull
this off and we have this new medi-
cal office building in our town,” Avon
Mayor Jennie Fancher said during
the grand opening celebration. “This
building came together and was
constructed in virtually a year. To me
that’s remarkable.”
NexCore Managing Principal Todd
Varney spent six months trying to
find land in Avon – the center of the
Vail Valley – before coming across
a 2.15-acre parcel, Buck Creek Lot
1A, which was ideal for the project.
The land, however, was owned by
the Eagle River Fire Protection Dis-
trict, which paid $3.6 million for the
property in 2007. And the fire district
wasn’t selling, explained NexCore.
Varney then went for help to the
town of Avon and Town Manager Vir-
ginia Egger, who had the first rights
to purchase a 2-acre lot, known as
Lot 1B, adjacent to fire district land.
Owned by Vail resident Oscar Tang, he
entered into a covenant and reverter
clause arrangement with NexCore,
which paid $1.6 million for Lot 1B.
As NexCore began the design pro-
cess on the medical facility, it concur-
rently helped the fire district deter-
mine the best ways to build on Lot 1A,
so there would be a synergy between
the two lots. In the process, the fire
district determined it was better off
swapping parcels. NexCore agreed to
buy the fire district parcel for $3.6 mil-
lion, the same price paid in 2007 at
the top of the market.
The deal also included the town of
Avon participating with the fire dis-
trict on a bridge loan and NexCore
took on the majority of the risk in
order to meet the timing on the back
end for its clients, including $800,000
in initial design costs before entitle-
ments were completed.
“Buck Creek Medical Plaza in Avon
brings one of the most important
Fresenius Medical Center occupies the 5,112-square-foot building on a 15-year lease.
Davis Partnership Architects designed the 48,400-square-foot Buck Creek Medical Plaza.
Calcon Constructors was the construction manager.
