Colorado Real Estate Journal -
A high-net-worth buyer out of Minneapolis acquired The Urology 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 business. Strong tenants and a great location contribute to the high rents the tenants pay and the high price,” said John Winslow of Winslow Property Consultants, who was not involved in the transaction. “The Urology Center of Colorado is one of the strongest urology practices among its peers nationally. That, combined with its location in the burgeoning Jefferson Park neighborhood, provided a great depth of medical buyers for this assignment. We are very pleased with the outcome for the seller and expect it to be a great long-term investment for the purchaser,” Chris Bodnar, executive vice president of investment properties with CBRE’s U.S. Healthcare Capital Markets group, said of the sale. Bodnar, alongside Lee Asher of the U.S. Healthcare Capital Markets Group, acted as the seller’s exclusive adviser. TUCC Medical Center Joint Venture LLC, according to public records, sold the fully leased, three-story building at 2777 Mile High Stadium Circle, which it purchased in 2010 for $23.25 million. The Urology Center of Colorado is the only fully inclusive urology center in the Rocky Mountain region and one of the most comprehensive urology centers in the United States. The property 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 urology group just finished adding another linear accelerator to the building, “showcasing their commitment 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 Ohlson Lavoie Collaborative recently was honored for excellence in design of medical wellness facilities. The Medical Fitness Association recognized OLC for excellence in facility design. OLC has designed more than 45 such facilities in the United States, making it the nation’s leading medical wellness design firm. The MFA is a national organization founded to assist hospitals and health care organizations in the development and management of medically integrated health and fitness centers. The association is a professional membership organization whose mission 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. “OLC was there when this industry 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.”