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Kaiser Permanente To Invest $100M To Build State-Of-The-Art Medical Facilities In Colorado

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To enhance service for its current members and to prepare for future growth,

Kaiser Permanente recently announced it is investing $100 million to build new and upgraded state-of-the-art medical facilities in eight communities across Colorado’s Front Range.

Two brand-new facilities will replace existing medical offices in leased spaces in Parker and Pueblo. The new medical offices will have innovative technology and be designed with a focus on environmental sustainability to achieve LEED certification.

The new facilities will make it easier and more convenient for members to see their doctor, fill a prescription, and get blood work or an X-ray, all under one roof. Construction for both the Parker and Pueblo facilities is estimated to begin in early 2024 with a targeted opening in Summer 2025.

“We’re proud to serve and invest in Colorado and build for the future,” said Mike Ramseier, president of Kaiser Permanente Colorado. “We’ve been laser-focused on providing the best health care, access, and affordability, and it’s paying off. Our membership is growing, along with our commitment to the Colorado communities we serve.”

Parker Medical Offices

The largest project includes building a brand-new 1-story 22,500-square-foot primary care medical office on 6.5 acres of previously purchased land at the northeast intersection of Parker Road and Hess Road in Parker. The new building in the booming South Parker community will replace Kaiser’s existing Parker Medical Offices at 10168 Parkglenn Way. Transitioning to a 30 percent bigger, newly designed facility will offer better functionality and better access to care with 67 percent more exam rooms. Members will have access to primary care clinics, behavioral health services, a pharmacy, a laboratory, and imaging.

Pueblo North Medical Offices

Kaiser is planning to purchase land before the end of the year in Pueblo’s north side to build a 1-story 15,000-square-foot primary care medical office from the ground up to replace the current space at 3670 Parker Blvd. This will put the proposed facility where the most population growth is occurring and serve as a second location from the Kaiser Permanente Acero Medical Offices in Pueblo’s south side. Along with primary care, pharmacy, laboratory, and imaging services, the new Pueblo North Medical Offices plan to provide rotating specialty care.

Additional Medical Offices

Kaiser is also planning extensive renovations of some of its largest regional medical offices in 2023, including the Baseline Medical Offices in Boulder, the Rock Creek Medical Offices in Lafayette, and the Lone Tree Medical Offices in Lone Tree. In addition, the company is continuing to upgrade the Franklin Medical Offices in downtown Denver with new medical and IT equipment, as well as updated furniture, paint, and flooring.

Early planning is also underway for either a rebuild or significant renovation of the medical offices in Lakewood and Westminster.

 

Source: Mile High CRE

Laramar Group Acquires UC Health Orchards Medical Center In Loveland, Colorado

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The Laramar Group, a leading national real estate investment and property management company, has acquired UC Health Orchards Medical Center at 221 E. 29th St., Loveland, CO for its Laramar Medical Properties Fund I.

The 41,580 SF building is 100% leased to three investment grade tenants, including UC Health, Colorado’s largest health system, which occupies 25,866 SF, 62% of the building. The property is located in Loveland, CO, a fast-growing northern suburb of Denver that is experiencing strong population growth and demand for healthcare services.

“This medical office asset offers tremendous long-term growth potential, given the demand drivers in the market and the property’s alignment with UC Health, Colorado’s dominant healthcare system,” said Ben Slad, Senior Vice President of Investments. “The greater Denver market is an excellent medical office market that is experiencing strong population growth and demand for healthcare service to support community-based care.”

UC Health is building out 70% of its space to fit its specific needs and leaving the remainder for future growth, a sign of their commitment to the location. UC Health has 26,000+ employees, 12 hospitals and more than 150 clinics and is ranked the #1 hospital in Colorado and the best employer in the state.

The building is located near 29th Street and Highway 287 and is adjacent to a fully leased retail center with local and national tenants. There is also a recently-built 155-unit apartment community for ages 55 and older nearby.

Loveland, CO realized 17.7% population growth from 2010 to 2019, higher than state and national growth rates. The city is expected to grow by 7% over the next five years.

The building’s other tenants include:

• SummitStone Health Partners, the largest behavioral health provider of Medicaid in Larimer County, which leases 11,288 SF for its behavioral health and substance abuse treatment and prevention services. SummitStone has 10 locations throughout northern Colorado.

• LifeStance/Heart Centered Counseling, an outpatient behavioral healthcare company for children, adolescents and adults. The company leases 4,426 SF in this location and operates approximately 500 centers in 31 states.

The Laramar Medical Properties Fund I is focused on investing in targeted U.S. markets nationally to generate consistent distributable cash flow with risk-adjusted returns. Laramar closed on three assets for the fund in 2021 and projects to acquire 7-10 assets in total ranging in size from $10 million to $50 million. The fund is focused on multi-tenant assets with health system, credit or dominant regional tenancy, favorable WALT, diversified medical uses, and assets that offer opportunities to enhance value through increased occupancy and building improvements.

“Laramar is closely monitoring the demand-supply balance and growth dynamics in medical office markets around the country,” said Slad. “As demand for healthcare services continues to outpace supply, we expect medical office buildings to increase in value and continue to drive additional investment activity.”

 

Source: HREI