Table of Contents Table of Contents
Previous Page  1 / 76 Next Page
Information
Show Menu
Previous Page 1 / 76 Next Page
Page Background

NOVEMBER 20-DECEMBER 3, 2013

by Jill Jamieson-Nichols

A real estate investment

trust strengthened its Colo-

rado 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 Inter-

state 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

C a l h o u n

of

NAI

S h a m e s

Makovsky

R e a l t y ’ s

Na t i ona l

Healthcare

A c q u i -

s i t i o n s

Group. Calhoun, who rep-

resented 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 invest-

ment 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 deliv-

ery, said the acquisitions com-

plement its portfolio of seven

medical office buildings total-

ing 540,051 sf on Colorado’s

REIT pays $54.8 million for Loveland MOBs

The North Medical Office Building comprises 80,157 square feet and sold for $33.2 million.

Rick Calhoun

by John Rebchook

In his final deal with Cush-

man & Wakefield of Colo-

rado, Pat Stucker and his

team recently sold the 336-

unit Copper Flats apartment

community near the Fitzsi-

mons campus in Aurora for

$41.6 million.

Stucker, a 35-year veteran

of commercial real estate,

recently joined Mark Pep-

percorn at Jones Lang LaSal-

le.

Combined Stucker and

Peppercorn have sold about

100,000 apartment units.

“I’ve sold more than

50,000 units in about $3 bil-

lion in deals, while Mark

has sold about 48,000 units

worth about $6 billion,”

Stucker said.

Peppercorn was previ-

ously with Archstone Com-

munities, which focused on

developing, managing and

selling luxury infill apart-

ment communities in areas

with high barriers to entry.

“I’ve known Mark for at

least 10 years and him join-

ing Jones Lang LaSalle was

one of the big attractions

for me,” said Stucker, who

had been with Cushman &

Wakefield for the past seven

years and had been with

Denver-based AIMCO Prop-

erties for 17 years.

In his final deal at Cush-

man & Wakefield, his team

sold Copper Flats at 13711 E.

Richtofen Circle to Boston-

based Colony Realty Part-

ners.

Fittingly, it closed the deal

the day after the Red Sox

clinched the World Series.

Colony, which has a total

commercial real estate port-

folio worth more than $4.5

billion, owns about 7,200

multifamily units across the

U.S.

“We had a reasonable

amount of interest in Cop-

per Flats,” from prospective

buyers, Stucker, said.

“Truly, what the buying

public really wants right

now are the value-add deals

and not the improved and

stabilized properties like

this one,” Stucker said.

Carmel Partners of San

Francisco, headed by Ron

Zeff, purchased the property

in 2009 for $22 million.

“They then did the most

complete and nicest reno-

vation of a 1980s-era proj-

ect that I have ever seen,”

Stucker said.

“They literally rebuilt the

entire thing, they put in new

siding, new roofs, a new

clubhouse,” he said.

It is a total turnkey deal

for Colony.

“They don’t have to do a

Stucker finishes deal before joining JLL

Copper Flats underwent the nicest renovation Pat Stucker has ever seen for a 1980s-era property.

Please see Stucker, Page 10 Please see REIT, Page 17

CONTENTS

Greater Denver 4 Boulder County 12 Larimer & Weld Counties 14 Colorado Springs 16 Finance 18 Law &Accounting 20 Property Management 22 CDE 28 Office 2AA Industrial 4AA Health Care 6AA Multifamily 8AA Retail 11AA Who’s News 19AA

Accolades

An award-winning industrial

building sells following an offering that

drew ‘overwhelming’ investor interest

Ready, set …

PearlWest, the redevelopment

of the former Daily Camera property in

Boulder, will break ground early next

year with as much as 70 percent of its

space projected to be preleased

LEED by example

Gates Family Foundation

celebrates its new headquarters in the

historic Hover Building, which is slated to

achieve LEED Gold Commercial Interiors

Common thread

ARA handles the sale of

three Denver-area apartment

communities for $80.9 million

Inside

4 12 28 1AA See Section 14AA