Denver-Area Parker Medical School Campus Sells For $48 Million

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An osteopathic medical school campus in Parker has sold for $48.35 million.

However, the school, Rocky Vista University is staying put.

The school sold its campus to W. P. Carey & Co., a New York-based real estate investment trust. Rocky Vista University also has executed a lease with W. P. Carey in order to remain on site.

In addition to its Denver area campus, Rocky Vista University has a campus in Ivins, Utah outside of St. George, and the school just completed a new 138,000-square-foot campus on 12.8 acres in Billings, Montana.

The Parker building is 145,000 square feet, and houses multiple labs as well as a primary care facility, according to RVU’s website.

The Denver Business Journal reports the school, founded in 2006, is a for-profit university designed for students going into the medical field.

In other parts of Parker, a new $275 million development project is taking shape along downtown that will bring in new retail, office and residential uses.

 

Source: connectcre

Remedy, Kayne Anderson Real Estate Acquire Trophy Medical Office Portfolio In Denver Area

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Joint venture partners Remedy Medical Properties and Kayne Anderson Real Estate have acquired a trophy medical office portfolio in the Denver suburb of Englewood.

The acquisition of the two-building, 68,195 square foot Dry Creek Medical Campus closed April 12.

Principals of Chicago-based Remedy and Boca Raton, Fla.-based Kayne Anderson Real Estate – which, aside from hospitals and health systems, are the nation’s largest owners of medical properties – say the acquisition has many upsides and provides their firms with a number of benefits.

“This acquisition gives us the opportunity to invest in a strong, highly coveted market with excellent demographics,” says Joe Magliochetti, Chief Investment Officer of Remedy. “The Denver area is one of America’s fastest growing regions. There are almost 234,000 residents within a five-mile radius of this property, and the population is forecasted to grow 3.4 percent between 2022 and 2027, compared to only 1.2 percent for the United States as a whole.”

The area also boasts an average household income of nearly $159,000, which is 51 percent more than the national average. As home to 10 Fortune 500 companies, the area also has a diverse, thriving economy with a steady influx of highly educated, talented workers.

“The campus location is also ideal, with easy access to local transportation,” Mr. Magliochetti adds. “It’s two blocks from Interstate Highway 25 and the Dry Creek Light Rail Station, and close to two major airports. It’s also within 10 miles of seven major hospitals, including Sky Ridge Medical Center, Littleton Adventist HospitNews Releaal and Centennial Hospital.”

The facilities, located at 135 and 145 Inverness Drive E., are 100 percent leased by six leading healthcare providers with complementary specialties. Services are centered around a full-service ambulatory surgery center (ASC) leased to Orthopedic Centers of Colorado (OCC) in partnership with SCA Health, the national leader in specialty care, which is owned by UnitedHealth Group. Dr. Metz Bariatric Surgery, which is also on the campus, recently became part of HealthOne, one of the leading health systems in Colorado. Other specialties housed in the properties include imaging, spine, orthopedics, anesthesia and dermatology.

“The properties house high-quality, well-respected medical tenants that have average remaining lease terms of almost nine years,” says Antonio Minchella, Senior Managing Director, Medical Office, Kayne Anderson Real Estate. “With average annual net operating income (NOI) growth of 3 percent, the assets will deliver a steady, predictable and growing income stream.”

Mr. Minchella adds that the two properties are relatively new, with the three-story 145 Inverness Drive building built in 2019 and the one-story 135 Inverness Drive facility built in 2000. The one-story building was completely renovated into an orthopedic surgery center in 2021 and now features seven operating rooms, three convalescent care rooms, and pre-op and post-op areas.

“The surgery center has been very successful and active, performing more than 500 surgeries a month, which is among the busiest in the Denver area,” Minchella adds.

CBRE U.S. Healthcare & Life Sciences served as the broker for the transaction.

About Remedy Medical Properties

Remedy Medical Properties is a full-service healthcare real estate company and the largest owner of healthcare properties in the country, with more than 28 million square feet and 25 offices spanning 43 states. For healthcare decision-makers who want to maximize the value of their real estate while enhancing their ability to adapt, our national presence enables us to offer the right solutions in the right locations for your organization. Remedy offers unmatched flexibility in every client engagement, and our adaptability enables us to provide more options in ownership, development, leasing, management, and strategy. Our willingness to commit capital, share more risk, and offer greater foresight results in greater resilience, profitability, and peace of mind for our clients. For more information visit www.RemedyMed.com.

About Kayne Anderson Real Estate

Kayne Anderson Real Estate (“KA Real Estate”) is a leading real estate private equity investor in medical office, senior housing, off-campus student housing, multifamily housing and self-storage. KA Real Estate manages $14.5 billion of real estate AUM across opportunistic equity and real estate debt. KA Real Estate is part of Kayne Anderson Capital Advisors, L.P., a $34 billion alternative investment management firm with more than 38 years of successful experience in the real estate, infrastructure, credit, and growth capital sectors (as of 9/30/2022).

 

Source: HREI

CenterWell Senior Primary Care Bringing Seven Personalized Primary Care Centers to Middle Tennessee

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CenterWell Senior Primary Care is opening seven new senior-focused primary care centers in middle Tennessee throughout 2023, giving local seniors access to a personalized, care-team approach to healthcare.

The upcoming June 28 and 29 grand openings at CenterWell Tusculum and Murfreesboro, respectively, mark the first two senior primary care centers in the area. The grand openings are from 10 a.m. to 1 p.m., and will include tours of the centers, low-impact exercise demonstrations with SilverSneakers, live music from ReWind, games, and free treats from Alley on Main.

CenterWell Senior Primary Care is the largest and one of the fastest-growing senior-focused, value-based care providers in the country. Together with its sister brand Conviva Care Center, CenterWell Senior Primary Care delivers care to seniors in more than 250 centers across 12 states, with plans to open 30-50 new centers per year through 2025.

“I’m excited to lead CenterWell Senior Primary Care in the place I’ve called home for 24 years,” said Jason Spector, Market President for Tennessee. “Our board-certified physicians and integrated care teams are set to deliver comprehensive, holistic care in seven state-of-the-art facilities, with Murfreesboro and Tusculum already seeing patients and five more centers opening this year. Whole-person care means we’re committed to addressing all the factors that affect the health and well-being of our patients and this community. I’m looking forward to expanding that care to Middle Tennessee seniors and helping break down barriers to healthcare in our underserved communities.”

Dr. Anitha Mullangi, CenterWell’s Chief Medical Officer for the Tennessee market, emphasized CenterWell’s focus on whole-person health.

“It’s so important how you relate to patients, how you understand them, their culture, and their needs, and CenterWell’s care model allows doctors to do this,” Mullangi said. “Our longer appointment times, the integrated care teams looking after the physical, social and emotional needs – all of which affect seniors’ overall health – help patients live healthier, happier lives. We are committed to providing that kind of excellent healthcare to seniors in our communities.”

All new CenterWell Senior Primary Care locations in middle Tennessee will be staffed by board-certified physicians, nurses, social workers, and medical assistants, and patients will have access to clinical pharmacists, behavioral health specialists and referral specialists, all who have been specially trained to treat the senior population. In addition to its healthcare offerings, CenterWell facilities include activity centers for local seniors.

CenterWell Tusculum, located at 4901 Nolensville Pike in Nashville, and CenterWell Murfreesboro, located at 1715 S. Rutherford Blvd., Suite A in Murfreesboro, began accepting patients in April. Other centers with planned openings this year include Clarksville, Hermitage, Lebanon, Madison and Smyrna. Full details will be released at a later date.

The Primary Care Organization of Humana Inc. (NYSE: HUM), which includes CenterWell Senior Primary Care, serves nearly 266,000 members from many different Medicare Advantage health plans, as well as some patients who have Original Medicare.

For more information on CenterWell Senior Primary Care, please visit CenterWellPrimaryCare.com.