CREJ

Page 4 — Health Care Properties Quarterly — January 2019 www.crej.com Health Care News We Build: MEDICAL Calcon Constructors is proud to be part of Colorado’s construction community. From day one, Calcon has consistently applied integrity, innovation, and insight throughout its business practices, enabling the company to thrive. This is due, in no small part, to the solid business principles of our founders; our extensive knowledge, passion and commitment to giving back to our communities has allowed us to perpetuate and enhance the Rocky Mountain lifestyle, environment and beauty of our home state. Educational | Financial | Healthcare | Industrial | Mixed-Use | Office Buildings Parking Structures | Recreational | Retail | Technical | Worship Englewood | Steamboat Springs | calconci.com Hospitals 1,200,000 SF | Medical Office Buildings 2,900,000 SF Medical Specialties 600,000 SF | Ambulatory Surgery Centers 300,000 SF “This offering was very well received given the commitment by Children’s Hospital Colorado to the building and the market,” said Bod- nar. “Even though the renovation of the building will not be completed until mid-2019, investors were able to price through any construction risk and focus on the opportunity to control an asset that will be fully occupied by one of the top 10 pedi- atric hospitals in the nation.” The four-story medical office building was constructed in 1984 and expanded in 1992. The property is 100 percent leased by Children’s Hospital Colorado, which recently committed to lease the entire build- ing. The building will undergo a “signif- icant” renovation this year, including updates to the common area lobby, elevators and mechanical systems as well as completing a new tenant improvement build-out. Construc- tion is expected to be completed by June, in time for Children’s Colora- do’s expanded lease to commence. “I am happy that the city of Aurora has a notable tenant that will con- tinue to occupy this building for years to come. This sale helps solidi- fy Northstar’s dedication to Colorado to help facilitate healthy growth and encourage local, community-focused expansion and quality jobs in the area,” said Brian Watson, chairman and CEO, Northstar Commercial Partners. Woodland Medical Center sells to UCHealth for $5.9 million UCHealth Pikes Peak Regional Hos- pital recently acquired Woodland Medical Center, a medical office property on the Pikes Peak Regional Medical Campus on U.S. Highway 24 in Woodland Park. The 20,163-square-foot, two-story building sold for $5.9 million. The sale transaction included a prepaid ground lease on concept plans for a 30,000-sf MOB property to be developed by the hospital at its election and timing. Like Woodland Medical Center, the two-and three- story building would be connected to the hospital via a walkway. American Oak-Woodland LLC, based in California, sold the property, which it had owned and operated since 2007. Jerry Knauf and Paul Cohen of London Commercial and Nick Hier of Hier & Company Inc. represented the seller. Griffis/Blessing provided property management services for American Oak. UCHealth/Pikes Peak Regional Hos- pital, together with its predecessor, had leased medical space within the MOB since its construction in 2007. Prior to the 20-acre hospital campus’ construction, the closest medical ser- vices for the Woodland Park commu- nity were in Colorado Springs. The transaction was completed by Children’s Hospital Colorado’s full-building lease will commence in June. UCHealth Pikes Peak Regional Hospital acquired the 20,163-square-foot medical office building.