July 15-August 4, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 33
Health Care
by Jennifer Hayes
NexCore Group has broken
ground on the first outpatient cen-
ter in the Vail Valley to consolidate
a full range of services under one
roof.
The health care real estate devel-
oper has started construction on
BuckCreekMedical Plaza, a three-
story, 50,000-square-foot facility
off Interstate 70 at the Avon exit at
50 Buck Creek Lane inAvon.
The building is designed to
accommodate a full range of out-
patient services, including prima-
ry and specialty physician care,
diagnostic imaging and imme-
diate care. The facility also will
house local and regional health
care providers.
“Health care services in the Vail
Valley have historically been pro-
vided in scattered locations, which
primarily tend to be hospital-cen-
tric,” said Todd Varney, executive
managing director of develop-
ment at NexCore. “By providing
affordable, convenient, high-qual-
ity care at an accessible location,
the Buck CreekMedical Plaza will
improve health care delivery in
Eagle County. Patients will enjoy
more convenient and coordinated
care in a one-stop-shop facility.”
The 2.17-acre site, bounded by
Nottingham Road, Swift Gulch
Road and Buck Creek Road, was
one of the few available sites large
enough todevelopa suitably sized
outpatient facility, NexCore noted.
NexCore is providing compre-
hensive real estate services – stra-
tegic planning, site selection and
acquisition, development, owner-
ship financing, leasing and prop-
erty/asset management services
– for the project.
Calcon Constructors is the con-
structionmanager for the building
designed by Davis Partnership
Architects.
Buck Creek Medical Plaza is
expected to be complete in July
2016.
Other News
n
Cascade Commercial Group
recently handled several transac-
tions, including the sale of 5731
Silverstone Terrace in Colorado
Springs.
The approximately 24,000-
square-foot medical/dental office
building sold for $1.3 million to
Value Investment Group,
which
was represented by
Weston
Thomas
of
Colorado Springs
Commercial, a Cushman &
Wakefield Alliance.
Ted Link
of Cascade Commer-
cial noted the building is in a great
location for medical and dental
tenants in the Garden of the Gods
and north and west submarkets
and received multiple offers.
The Utah-based buyer, expand-
ing into Colorado with the acqui-
sition, plans to make several reno-
vations to the building in order to
lease the approximately 12,000 sf
available.
Link represented the seller,
Bruce C. Padgett.
The firm also negotiated two
medical lease renewals and
expansions along the Front
Range.
It negotiated the renewal and
expansionof
The Family Practice,
Dr. Robert Vogt,
at 6005 Delmo-
nico Drive in Colorado Springs.
Vogt leased an additional 2,500 sf
bringing his total square footage
at the building to just over 7,200
sf. Landlord
DMI No. 3 LLC
rep-
resented itself in the transaction.
Cascade also represented
Health Images South Potomac/
CHER LLC’s
8,557-sf lease renewal
and expansion at 1300 S. Potomac
St. in Aurora. It leased the addi-
tional square footage in order to
maximize its profitability in the
submarket, added Link.
The landlord,
I-225 Kai’Ohu
LLC,
was represented by
Chris
Nordling
and
John Gustafson
of
Newmark Grubb Knight
Frank.
s
Davis Partnership Architects designed the Buck Creek Medical Plaza, which is slated to open in July 2016.
by Jennifer Hayes
A two-tenant medical office
building in Broomfield recently
traded for $2.83 million.
Buffalo Fortress CO LLC pur-
chased the Buffalo Ridge Medical
Center, a 6,623-square-foot, triple-
net-leased Class B medical office
building at 16677 Lowell Blvd.
“The seller was able to exit the
investment at a very attractive
price given current market condi-
tions,” said Brian C. Smith of Mar-
cus & Millichap’s Denver office
and a member of the Healthcare
Real Estate Group and National
Office and Industrial Properties
Groupwho represented seller Buf-
falo Ridge Medical Center LLC.
The property was redevel-
oped in 2009 and since then has
been 100 percent occupied. The
MOB consists of three suites,
two of which are occupied by
Boulder Community Health
and the third by Gastroenterol-
ogy of the Rockies.
Both tenants are on long-term
leases.
Financing for the acquisition
was arranged by Phillip K. Gause
of Marcus & Millichap Capital
Corp. The first mortgage loan was
placed with a local credit union
and is fixed for 10 years at 4.13
percent. The loan amortizes on a
25-year schedule and the advance
rate was 75 percent of purchase
price.
“We are presently seeing very
robust lender appetite for this
asset class both nationwide and
along the Front Range,” added
Gause.
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