December 16, 2015-January 5, 2016 —
COLORADO REAL ESTATE JOURNAL
— Page 3AA
Health Care
by Jennifer Hayes
A high-net-worth buyer out of
Minneapolis acquired The Urol-
ogy Center of Colorado in one of
the highest priced medical office
building transactions ever to close
in the Denver metro area.
Olympus Ventures LLC paid
$35.15 million, or $623.79 per
square foot, for the 56,349-sf
building.
“This is one of the highest-
priced medical buildings I have
seen in my nearly 45 years in
the commercial real estate busi-
ness. Strong tenants and a great
location contribute to the high
rents the tenants pay and the high
price,” said JohnWinslowofWin-
slow Property Consultants, who
was not involved in the transac-
tion.
“The Urology Center of Colo-
rado is one of the strongest urol-
ogy practices among its peers
nationally. That, combined with
its location in the burgeoning Jef-
ferson Park neighborhood, pro-
vided a great depth of medical
buyers for this assignment. We
are very pleased with the out-
come for the seller and expect it to
be a great long-term investment
for the purchaser,” Chris Bodnar,
executive vice president of invest-
ment properties with CBRE’s
U.S. Healthcare Capital Markets
group, said of the sale.
Bodnar, alongside Lee Asher of
the U.S. Healthcare Capital Mar-
kets Group, acted as the seller’s
exclusive adviser.
TUCC Medical Center Joint
Venture LLC, according to pub-
lic records, sold the fully leased,
three-story building at 2777 Mile
High Stadium Circle, which it
purchased in 2010 for $23.25 mil-
lion.
The Urology Center of Colora-
do is the only fully inclusive urol-
ogy center in the Rocky Moun-
tain region and one of the most
comprehensive urology centers
in the United States. The prop-
erty includes radiation oncology,
outpatient surgery, imaging, in-
house laboratory and pathology
services. Bodnar couldn’t disclose
the term remaining on the lease,
however, he noted that the urol-
ogy group just finished adding
another linear accelerator to the
building, “showcasing their com-
mitment to the location.”
Development Solutions Group
and the physicians who practice
in the building developed the
building, constructed in 2006. In
2005, two Denver urology groups
joined forces with the vision of
creating the nation’s leading full-
service urologic medical practice
to serve as a single point of access
to all functions of urologic care.
Other News
n
Ohlson Lavoie Collabora-
tive
recently was honored for
excellence in design of medical
wellness facilities.
The
Medical Fitness Associa-
tion
recognized OLC for excel-
lence in facility design. OLC has
designedmore than 45 such facili-
ties in the United States, making
it the nation’s leading medical
wellness design firm.
TheMFAis a national organiza-
tion founded to assist hospitals
and health care organizations in
the development and manage-
ment of medically integrated
health and fitness centers. The
association is a professional mem-
bership organization whose mis-
sion is to ascertain and respond to
the needs of medically integrated
centers throughout the world.
“We are true thought leaders
in this industry,” said
Hervey
Lavoie,
OLC's president and lead
medical fitness facility designer.
“OLCwas there when this indus-
try was in its infancy and we are
still working on the cutting edge
today, as medical fitness becomes
a major force in the emerging
health care focus on population
health.”
s
The Urology Center of Colorado’s nearly $624 per-square-foot sale is one of the highest-priced medical building transactions ever to close in metro
Denver.
