Centum Health buys MetroNorth Office Building for $13.4M

MetroNorth
MetroNorth is just north of the SCL Health Community Hospital Northglenn.

A Colorado company focused on health care real estate purchased an office building in Northglenn.

Centum Health Properties paid $13.4 million for the MetroNorth Office Building at 11990 N. Grant St., just north of SCL Health Community Hospital Northglenn. The five-story building is just off Interstate 25 on the 120th Avenue corridor.

Currently, the 86,044-square foot building is 91 percent leased to a variety of small, service-oriented tenants.

“The Metro North Office Building in Northglenn seemed like a good fit for us with the addition of the SLC Community Hospital next door,” said James Turpen, Centum Health Properties CEO. “Our plan is to renovate the common elements of the building, including replacing the HVAC systems, the roof, upgrading the elevators, updating the common areas and expanding the parking lot,” he said, adding Centum will operate the building as Metro North Professional Plaza, offering both office and medical office space.

“Over time, we anticipate the location being increasingly attractive to health care and other professional services,” Turpen added.

Numerous restaurants, hotels, a grocery store and a 28-acre park surround MetroNorth.

The building saw “very good activity” from investors, according Newmark Knight Frank Executive Managing Director Riki Hashimoto, who listed the property with NKF Executive Managing Director Dan Grooters.

“Although it doesn’t sit in a business park per se, the fundamentals of the real estate in terms of the access, the visibility, the amenities surrounding the locale really resonated with the investment marketplace,” he said.

“You have great access to I-25, the whole 120th corridor and then with the retail amenities across the street, it’s just a really nice package for a building of this size.” MetroNorth was built in 1983. The seller was an out-of-state group that had owned the asset since the 1990s.

Featured in CREJ’s Dec. 20, 2017-Jan. 2, 2018, issue

Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of…