CREJ

Page 4 — Health Care Properties Quarterly — January 2020 www.crej.com Health Care News Springs metropolitan statistical area. Built in 2006, the building has visibility to more than 26,000 vehicles per day and is accessible from the main thor- oughfare on U.S. Highway 24. At the time of sale, the building was 96.5% occupied by a mix of medical and professional office tenants. National retailers in the immediate vicinity of the property include Safeway, Natural Grocers,Walgreens, McDonald’s, Arby’s and Sherwin-Williams. Matt Call of NavPoint Real Estate Group represented the buyer.The seller was unrepresented. “This was a well-located asset with future rent growth upside but with an excellent in-place rent roll. Our firmwas very excited to represent the buyer in this acquisition on the replacement in a 1031 exchange,” said Call. Broe Real Estate Group to repurpose Mineral Avenue building Broe Real Estate Group, a private real estate investment firm and affiliate of The Broe Group, headquartered in Denver, purchased a 41,030-square-foot office building on 4.66 acres at 1501 W. Mineral Ave. in Littleton. It purchased the WorldVentures’ former headquarters and will repur- pose it to fill a growing need for medical services in the south metro Denver area. The property sold for $4.7 mil- lion, according to Arapahoe County records. Constructed in 1999, the two-story multispecialty building is the ideal candidate for conversion, given its highly visible location and proximity to nearby hospitals within the sub- market, according to BREG. BREG will undertake significant capital investments to convert the previously zoned office building into a medical office facility equipped to serve the area's growing need for medical services. “The Mineral acquisition offers the opportunity to repurpose a high- quality asset into an institutional- quality medical space that addresses the area’s continuing need for non- hospital medical services,” said BREG CEO Doug Wells. “Our team is active- ly pursuing medical tenants to serve the community’s growing needs.” The Mineral project is BREG’s fifth transaction supporting MOB reposi- tioning project in the past year total- ing nearly 600,000 sf. Jeff Wood and Monica Wiley from CBRE listed the property for sale on behalf of WorldVenture, which oper- ated its headquarters at the site for nearly 20 years. Wood commented, “1501 West Mineral is a highly visible building with excellent access to nearby retail amenities and medical services. Demand for high-quality, well-locat- ed health care options in Douglas County continues to outpace supply, which has been limited in part by rising construction costs.” Centennial MOB/office property trades for $3.88 million A value-add multitenant medical office/office property in Centennial recently sold for $3.88 million. Hilltop Partnership LLC purchased the 28,700-square-foot building at 8100 E. Arapahoe Road near Inter- state 25 from Mililani Investments Arapahoe LLC. John Witt and Matt Call of NavPoint Real Estate Group repre- sented the seller. The buyer was represented by Matt Kulbe, also of NavPoint Real Estate Group. Compass Bank has occupied the garden level and first floor of the building since it was built in 1986. The building is 57.33% occupied by three tenants, providing the buyer with excellent value-add opportu- nity, according to NavPoint. The buyer is expected to occupy around 3,100 sf at the building, leav- ing approximately 9,200 sf, or 32%, to lease up. The buyer had sold another building it owned and occupied in the immediate area. At the time of sale, Woodlands Exchange was 96.5% occupied. WorldVentures’ former headquarters will be repurposed into medical office space.