CREJ

Page 4 — Health Care Properties Quarterly — July 2018 www.crej.com Health Care News We focus on your real estate, so you can focus on your practice! JASON F. KINSEY | BRADY KINSEY Colliers International 4643 S. Ulster Street | Suite 1000 Denver, CO 80237 303 745 5800 CONTACT US FOR ALL YOUR HEALTHCARE REAL ESTATE NEEDS: PRESCRIBING YOUR HEALTHCARE REAL ESTATE NEEDS Focused on healthcare related real estate, Colliers Healthcare Advisors have the expertise and knowledge essential to providing forward-thinking solutions to any challenging healthcare related real estate decision where success is measured in high-quality care delivered in a cost eective way. CHIROPRACTIC SITE SELECTION CONSTRUCTION PERMITS LEASE/SALE NEGOTIATIONS GRAND OPENING! DENTAL MEDICAL VETERINARY OR VISION A UCHealth Emergency Room in Littleton traded hands at a price of $9.02 million, or $1,213 per square foot. The 7,430-sf facility at 13351 W. Bowles Ave. was purchased by an unidentified buyer. CBRE U.S. Healthcare Capital Mar- kets’ Chris Bodnar and Lee Asher partnered with Chris Bosworth, Will Pike and Brian Pfohl of the CBRE Net Lease Property group to act as the seller’s exclusive advisers. Built in 2014, the property’s abso- lute triple-net lease has approxi- mately 19.75 years of primary term remaining with seven five-year options to renew. Additionally, there are annual 1 percent rent escalations throughout the initial term. UCHealth is the only emergency room operator within a 4-mile radius. Tammen Hall redevelopment breaks ground The historic Tammen Hall redevel- opment has broken ground. The project, located on the St. Joseph Hospital campus in Denver’s City Park West neighborhood, will transform the building, originally constructed as a nurse dormitory for Children’s Hospital Colorado, into an affordable independent senior housing development. MGL Partners and Solvera Advi- sors LLC will develop the project, with The Neenan Co. serving as the design-build partner for the 49-unit rental community for income-qual- ified seniors 62 years of age and older. St. Joseph Hospital sold the build- ing to MGL Partners/Solvera Advi- sors in 2017, with its parent orga- nization, SCL Health, providing a substantial investment to finance the redevelopment. Additionally, MGL Partners/Solve- ra Advisors received an allocation of 4 percent federal low-income housing tax credits from Colorado Housing and Finance Authority, which were purchased by Midwest Housing Equity Group and Advan- tage Capital, and received a loan from the Denver Office of Econom- ic Development. Colorado Housing and Finance Authority also issued Private Activity Bonds, purchased by CITI Community Capital. In addition, the Denver Housing Authority will also be a partner in the project. The project is one of 12 selected statewide for state low- income housing tax credits from Colorado Housing and Finance Authority in 2017. The project also receives support through state and federal historic preservation incen- tive tax credits. “The mission of SCL Health and St. Joseph Hospital is to improve the health of the people and com- munities we serve, especially those who are poor and vulnerable,” said St. Joseph Hospital President Jamie Smith. “We are so pleased to be a partner in this redevelopment effort that aligns with our mission and contributes toward finding a solution for the significant need for affordable housing in our commu- nity for seniors.” Located at 1010 E. 19th Ave., the eight-story, 52,000-square-foot facility will feature common areas on the first floor, one- and two- bedroom apartments on the second through seventh levels, and the top floor will include a common area and rooftop patio for residents. With the aim to revitalize the cur- rently unoccupied building in Denver, the project is planned for completion in mid-2019. “Tammen Hall represents a huge win preserving Denver’s culture and character, while boosting the availability of much-needed affordable apartments for fixed- income seniors,” said Denver Mayor Michael B. Hancock. “This is infill development at its best, and we’re proud to support the next chapter of this structure and deliver more housing solutions for Denver’s people.” Originally built in 1930 as a nurse dormitory for Children’s Hospi- tal Colorado, Tammen Hall was Littleton emergency room sells for $9.02 million The UCHealth Emergency Room sold for $1,213 per square foot.