CREJ

Page 4 — Health Care Properties Quarterly — October 2019 www.crej.com Health Care News 7340 E Caley Ave, Suite 210W, Centennial, CO 80111 Broe Real Estate Group, a private real estate investment firm and affiliate of The Broe Group, headquartered in Den- ver, paid $15.6 million for the Dry Creek Medical Office Building. The 57,257-square-foot medical pavilion is located on 4.23 acres at 125 Inverness Drive East in Englewood. Built in 2000, the three-story off- campus medical office building is near four Denver area hospitals, including Sky Ridge (3.4 miles), Centennial Medi- cal Plaza (2.3 miles), Medical Center of Aurora (7.5 miles) and Littleton Adven- tist Hospital (6.2 miles). “This acquisition is the latest exam- ple of our medical office building repo- sitioning strategy,” said BREG CEO Doug Wells. “As a local operator, the BREG team is well-suited to address pending tenant roll and secure strong long-term occupancy. By investing significant capital in physical upgrades and leas- ing costs and executing a focused asset management program, we will ensure that our tenants can continue to deliver the needed medical services for Colora- dans that live and work in south Den- ver’s rapidly growing region.” CBRE U.S. Health Care Capital Mar- kets’ Chris Bodnar, Lee Asher, Shane Seitz, Ryan Lindsley and Sabrina Solo- miany partnered with Dann Burke in the Colorado market to act as the seller’s exclusive advisers. “Market demand for nonhospital medical services is at an all-time high and Colorado’s population growth con- tinues to exceed the national growth rate. Dry Creek Medical Office Building is an institutional-quality asset within a highly established, high-growth mar- ket,” noted Bodnar. At the time of sale, it was 80% occu- pied. It is anchored by a multispecialty surgery center with two operating suites. In addition, the building’s pri- vate medical practices include internal medical, aesthetic and plastic surgery, general and family dentistry, obstet- rics and gynecology, medical imaging, pediatric and restorative dentistry, oral, head, neck and facial surgery and aes- thetic facial services. Dry Creek Medical Office Building marks BREG’s fourth major MOB repo- sitioning project in the past 12 months totaling nearly 540,000 sf. Medical assets continue to play a major role in BREG’sWestern United States acquisi- tion strategy as it continues to assess opportunities with viable institutional medical exits. Thornton MOB sells to owner-user for $4.1 million An owner-user picked up the for- mer Cancer Care Center of Thorn- ton in a $4.1 million deal. The buyer purchased the 19,000-square-foot medical office building at 9461 Huron St. from NREF Thornton Colorado LLC. Steve Beck with COBE Real Estate represented the buyer. Patricia Was- sik and Abby Bartolotta of Health Connect Properties represented the seller. Modern Vascular, a national health care provider specializing in the diagnosis and treatment of peripheral vascular disease, will occupy the currently vacant space. National Jewish Health will contin- ue occupying nearly 8,000 sf in the building for its northern hematolo- gy-oncology clinic. Health Connect Properties served as the property manager for the facility since 2007 and acted as the leasing and sales team for the Cali- fornia-based seller. Construction finishes on Paragon 28 facility Work has been completed on a training facility in Compark for Para- gon 28, an Englewood-based compa- ny that provides training for foot and ankle surgeons and creates implants used in reconstructive surgeries. The 85,000-square-foot building at 14445 Grasslands Drive, Suite 28, combines four separate divisions of the company into one building. The building includes a 200-seat audito- rium, state-of-the-art headquarters and a 7,000-sf wet lab with 16 surgery stations for up to 80 surgeons where specialists can hone their skills using cadaver feet and ankles. Fitzmartin Consulting, a Denver- based owner representative, shep- herded the construction project. Ware Malcomb designed the project. Children’s Hospital Colorado, Colorado Springs opens In late July, nearly 400 people gathered to celebrate the ribbon cutting on the recently completed Children’s Hospital Colorado, Colo- rado Springs. The 294,000-square- foot, 111-bed facility will serve as Southern Colorado’s first pediatric- only hospital. Designed by FKP Architects and BREG acquires Dry Creek MOB for $15.6 million The 57,257-square-foot medical pavilion was 80% leased at the time of sale.