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Healthcare Realty Trust Buys Denver Metro Medical Office Building For $14.8M

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Healthcare Realty Trust has acquired Park Meadows Medical Center, a 34,685-square-foot medical office building in Lone Tree, Colo.

Gulftech International sold the property in an off-market transaction for $14.8 million.

According to CommercialEdge data, the asset last changed hands in 2008, when the previous owner paid $13.2 million for the building.

William Lucas, Stuart Thomas and Doug Wulf of Cushman & Wakefield represented the seller in the transaction.

The three-story building was completed in 2002 and hosts a surgery center. The property features two passenger elevators, has controlled access and offers 111 parking spots at a ratio of 3.2 spaces per 1,000 square feet. At the time of the transaction, the building was fully leased to a variety of medical users and practitioners.

Park Meadows Medical Center is located at 9218 Kimmer Drive, approximately 19 miles south of downtown Denver and has a strategic position near the Interstate 25 and E-470. Other medical facilities in the surrounding area include Reunion Rehabilitation Hospital Inverness, Mountain Medical and Willow Creek Dental, with Sky Ridge Medical Center 2.4 miles away.

CommercialEdge data shows that Healthcare Realty Trust owns another medical center in Lone Tree, less than one mile from Park Meadows Medical Center, which was acquired in 2021, for $7.7 million.

In July, Healthcare Realty Trust partnered with CBRE Investment Management for the purchase of a medical office portfolio in Mission Viejo, Calif., for which the joint venture paid $134.8 million.

 

Source: Commercial Property Executive

PEBB, Tortoise Properties Acquire Jupiter Medical, Office Building For $31M

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Private real estate investment company PEBB Enterprises and Tortoise Properties, family office focused on acquiring residential and commercial legacy assets, have acquired the Jupiter Innovation Center, a 186,238-square-foot office building in Jupiter.

The sales price was $31.4 million.

Located at 1701 Military Trail, Jupiter Innovation Center is the town’s largest for-lease office building. The single-story campus is just one mile south of the 327-bed Jupiter Medical Center, a 55,000 square foot, state-of-the-art cancer center.

Jupiter Innovation Center has a mix of medical, office and research and development tenants. Florida Turbine Technologies is the largest tenant at JIC with more than 64,000 square feet, and has occupied space at the building since 2005.

Scott O’Donnell, Michael Ciadella, Dominic Montazemi, Greg Miller and Miguel Alcivar of Cushman & Wakefield represented the undisclosed seller in the transaction. Additionally, Jason Hochman of Cushman & Wakefield arranged a $30.5 million loan from Rialto Capital Management as part of the transaction.

 

Source: Connect Media

Plano, Texas, Healthcare Facility Looks For A Buyer

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Cushman & Wakefield’s US Healthcare Capital Markets team is representing Dallas-based Cawley Partners in the sale of a 101,608-square foot three-story class-A healthcare facility at 5120 Legacy Drive.

The property is currently on the market with offers due later this month. The property was completed in 2016 as a speculative office project. Denver-based Eating Recovery Center/ERC has committed to an 18-year lease on the entire building, which will house both inpatient and outpatient services.

The property is currently undergoing more than $22 million in landlord and tenant improvements that will allow ERC to operate 72 inpatient hospital beds licensed by the Texas Department of State Health. Upon completion, ERC will be the only provider in the state with licensed inpatient hospital beds dedicated exclusively to the treatment of eating disorders.

ERC is planning to move into the building in the first quarter of 2020.The facility will complement ERC’s existing locations in the Dallas/Fort Worth area.

The property sits on 7.25 acres within Legacy Business Park, a 2,600-acre business, retail and residential community along the Dallas North Tollway. The world-class development is a distinctive address for many top corporate firms including JC Penney, Frito-Lay, PepsiCo, JP Morgan Chase and Toyota.

 

Source: GlobeSt.