Colorado Real Estate Journal -
A real estate investment trust strengthened its Colorado portfolio by acquiring two medical office buildings in Loveland for $54.8 million. The buildings are attached to either end of the Medical Center of the Rockies, a 166- bed University of Colorado Health hospital along Interstate 25 in Centerra. UCH occupies 75 percent of the space in the buildings, which comprise 150,291 square feet. Healthcare Realty Trust was the buyer. “Medical office buildings that are on a hospital campus are highly desirable,” said Rick Calhoun of NAI Shames Makovsky Realty’s National Healthcare Acquisitions Group. Calhoun, who represented the buyer with the health care group’s Henry Wojdyla, said the tenancy and the ages of the buildings, which were built in 2007 and 2009, also made the investment appealing. The properties, which sit at the north and south ends of the hospital at 2500 Rocky Mountain Ave., were 91.5 percent occupied with lease expirations through 2026 and 2028. McWhinney developed and sold the buildings on behalf of MCR-MOB I LLC and MCR-MOB II LLC. Healthcare Realty Trust, which owns, manages, finances and develops income-producing real estate primarily associated with outpatient health care delivery, said the acquisitions complement its portfolio of seven medical office buildings totaling 540,051 sf on Colorado’s Front Range. The Nashville, Tenn.-based REIT acquired the buildings, referred to as the North and South Medical Office Buildings, or MOB I and II, in separate transactions. The North building, built in 2007, is an 80,153-sf building that was 100 percent leased at the time of the sale. It sold for $33.2 million, including $21.2 million in cash and assumption of $12 million in debt. The 70,138-sf South MOB, which was 83 percent leased, sold for $21.6 million. The building was completed in 2009. Besides offering patients and physicians the convenience of being next to the hospital, the buildings are within the master-planned Centerra community, which has numerous recreational, retail and dining amenities, as well as a mix of housing and lodging. “We are very pleased to have facilitated this off-market transaction,” said Calhoun, manager of Shames Makovsky NHAG. “This is a significant transaction for both parties and specifically helps to expand Healthcare Realty’s ownership footprint of quality medical office properties within Colorado. “We had a client seeking Class A medical office investment properties and an owner who, for various reasons, found that this was an opportune time to sell this prestigious development.” The National Healthcare Acquisitions Group represents buyers in sourcing off-market property acquisitions, equity and joint-venture structuring, development opportunity sourcing and underwriting, due diligence and negotiations assistance.