Highlands Ranch Medical Campus In South Denver Sells For $41M

A two-building medical office campus in Highlands Ranch has sold for $41 million.

The 153,858-square-foot property, located at 630 and 640 Plaza Drive, was acquired by an LLC affiliated with Chicago-based Remedy Medical Properties, according to special warranty deeds filed in Douglas County.

The seller—a joint venture between Harbert Management Corporation and Bancroft Capital—was exclusively represented by CBRE. The advisory team included Chris Bodnar, Brannan Knott, Mindy Berman, Zack Holderman, Cole Reethof, Trent Jemmett, and Jesse Greshin from CBRE’s U.S. Healthcare Capital Markets, in collaboration with CBRE Denver Healthcare Leasing’s Dann Burke, Stephani Gaskins, and Anna Schornstein.

Positioned in south Denver along C-470, the Highlands Ranch Medical Campus benefits from high visibility and proximity to major medical institutions, including UCHealth Highlands Ranch Hospital, AdventHealth Littleton, and Children’s Hospital Colorado South Campus.

A major tenant, Panorama Orthopedics and Spine Center—one of Colorado’s leading orthopedic groups—recently signed a long-term lease for 31,901 square feet, occupying over 20% of the campus. Over the past few years, the property has undergone a strategic transition from general office to medical use, driven by the site’s healthcare-centric location and strong market fundamentals.

“The Highlands Ranch Medical Campus sits within a supply-constrained medical hub and offers one of the best payor mixes in the Denver metro area,” said Chris Bodnar, Vice Chair of CBRE’s U.S. Healthcare Capital Markets. “The seller successfully increased medical tenancy from just 7.7% in 2020 to 65% at the time of sale, paving the way for a full medical office conversion.”

Highlands Ranch, a 22,000-acre master-planned community about 12 miles south of Denver, boasts a population of 102,811 and a projected 4% growth by 2028. The area is known for its affluence, with an average household income of $189,820—31% above the Denver metro average. With strong demographics and increasing demand for outpatient medical services, the Highlands Ranch Medical Campus is well-positioned for continued growth, longer lease terms, and rising rental rates.

Source: Mile High CRE