Lincoln Property Company And PGIM Acquire St. Joseph Medical Pavilion In Denver

Lincoln Property Company and PGIM have announced the acquisition of St. Joseph Medical Pavilion, a 99,503-square-foot Class A outpatient facility located on the campus of St. Joseph Hospital in Denver, Colorado.

The hospital is operated by Intermountain Health. Completed in 2020, the five-story building sits in Denver’s Uptown Medical District, the city’s premier healthcare corridor and its only designated downtown medical district.

The acquisition strengthens Lincoln’s expanding national healthcare investment platform while increasing its presence in Denver and the broader Mountain West region. According to company leadership, the property’s modern design, institutional-quality tenants, and lease-up potential position it for strong long-term performance.

PGIM highlighted outpatient medical real estate as a high-conviction sector, supported by demographic trends, evolving care delivery models, and limited supply. The firm views these assets as offering stable income, resilient demand, and consistent performance across economic cycles. St. Joseph Medical Pavilion exemplifies this strategy by providing a high-quality environment for leading healthcare providers.

The investment aligns with PGIM’s core-plus strategy, which focuses on sectors benefiting from long-term demographic and technological trends. The firm continues to partner with experienced operators to expand its presence in alternative asset classes such as outpatient medical facilities and senior housing.

Currently 82% leased, the property features a diverse tenant mix, including Intermountain Health and physician groups specializing in cardiology, oncology, pediatrics, ENT, and dentistry. This range of services reinforces the building’s role as a key outpatient hub within the district.

Lincoln emphasized that the property’s location within a supply-constrained medical district and its strong tenant base make it a strategic addition to its portfolio. The company continues to target high-quality healthcare assets in markets driven by population growth and increasing demand for medical services.