Colorado Real Estate Journal - March 18, 2015

Renewal Medical Center in Lone Tree sells for $7.9 million

by Jennifer Hayes

A Nashville-based buyer made its first acquisition in the Denver market with the purchase of the Renewal Medical Center in Lone Tree.

MPA Lone Tree LLC paid $7.9 million, or $216 per square foot, for the 36,541-sf building at 9777 S. Yosemite St.

The new owner plans to fill vacancy and make strategic capital investments to the Renewal Medical Center, which was 65.8 percent occupied at the time of sale, noted Chris Bodnar of CBRE’s U.S. Healthcare Capital Markets Group.

A number of offers were received on the asset, constructed in 1987 and renovated in 2005, not only because of the large number of buyers focused on the health care sector but also because of the strong demographics of where the Renewal Medical Center is located, added Bodnar, who with Lee Asher, also of CBRE’s U.S. Healthcare Capital Markets Group and Dann Burke of CBRE’s Colorado market, acted as the seller’s exclusive adviser.

The two-story building features a lobby with an open atrium, grand staircase and marble floors. The building is anchored by bod:evolve, a plastic surgery center.

Other News

-North Forest Office Space, a developer of professional medical and dental office space, is expending its Denver-area portfolio with the building of two new properties.

The company has started construction of Colorado Boulevard Medical & Professional Center in Firestone, where it is building a nine-unit, 11,470-square-foot building. It also is under construction on an 11-unit, 13,702- sf building, Washington Street Medical & Professional Center, in Thornton.

Both buildings are slated for occupancy in June.

“There continues to be an active market for office space in segments that fit our niche business,” said Brett Steinbar, North Forest’s Denver-area manager.

“Medical and dental practices and small- to medium-sized professional businesses need office solutions that don’t burden them with cumbersome lease processes and difficult expansion options.

They need to be open for business in a good location where they can serve their customers. That’s what North Forest Office Space helps them do and that, more than anything, is what has fueled our growth.” The Firestone center is located at 8310 County Road 13, just off Colorado Boulevard and adjacent to the Firestone retail center.

The Thornton facility is located at 10303 Washington St., one block south of 104th Avenue and just east of Interstate 25.

Both properties offer turnkey office space with a selection of floorplan layouts and lease rates starting at $14 per sf.

Once completed, the properties will mark the fourth and fifth locations in North Forest’s Denver-area portfolio. The company also owns and operates Telluride Business Park in Brighton, 104th Avenue Professional & Medical Center in Commerce City and Northridge Commons in Westminster. It also plans to break ground on a new building in Commerce City this spring.

Each property includes offices with private entrances, exterior signage and free parking.

-St. Anthony North Health Campus welcomed its first patients, among them being 62 patients transferred from St. Anthony North Hospital.

The patients were moved from the hospital at 84th Avenue by 14 ambulances to the new health campus over about a six-hour timeframe. Patients included ICU patients, surgery patients, ER patients and new moms and babies.

Some 40 staff members worked closely with local emergency medical service providers and Flight for Life to ensure a smooth and safe patient transfer. Command centers were established at both campuses monitoring every aspect of the move.

Approximately every five minutes, a patient left St. Anthony North en route about nine miles to the campus, a journey that took about 25 minutes.

All patient services were transferred to the new Centura Health hospital at the St. Anthony North Health Campus in Westminster.

A 24/7 emergency room, wound care center, cardiac rehabilitation, pulmonary rehabilitation, senior health and a diabetes clinic remain open at the new 84th Avenue Neighborhood Health Center.

New services will include expanded primary care, dental care for Medicaid patients (starting in October) and expanded crisis intervention and counseling.

St. Anthony North Health Campus is located at 14300 Orchard Parkway, directly south of the Orchard Park Town Center at the Interstate 25 and 144th Avenue exit.