Cornerstar Healthcare Plaza trades for $10.19 million

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Cornerstar Healthcare Plaza
Cornerstar Healthcare Plaza is situated at the highly trafficked intersection of Arapahoe and Parker roads.

A Class A medical office building anchored by Centura Health sold for $10.19 million, or $376.06 per square foot, according to public records.

CHP Aurora MOB LLC, advised by Anchor Health Properties and Chestnut Real Estate, purchased Cornerstar Health Plaza from Cornerstar Healthcare Plaza LLC. The 27,113-sf building is located at 15901 E. Briarwood Circle in Aurora.

Patricia Wassik
Patricia Wassik

“The owner was approached with several off-market offers,” said Patricia Wassik, president and founder of Health Connect Properties. “It was certainly the right time to sell, given the demand for health care real estate and the fact we were 100 percent leased.”

Health Connect Properties developed the building and acted as the seller’s leasing and property management team since the building’s opening in 2014. Wassik and Abby Bartolotta of Health Connect Properties were the seller’s representatives.

Cornerstar Healthcare Plaza reached full occupancy in March. Centura Health, the region’s largest health care system, occupies the entire second floor. Other tenants are Centennial Eye Associates & Insight Retina Consultants, Mountain View Pain Center, Centennial Foot & Ankle, Rankin & Mingle Dentistry and Paladina Health, a subsidiary of DaVita.

The building is situated at Arapahoe and Parker roads, one of metro Denver’s busiest intersections, offering tenants traffic exposure and panoramic mountain views.

Cornerstar Healthcare Plaza is the second development of its kind led by Wassik and Tim Waner, founder of Waner Construction Co. The two developed and sold Crown Point Healthcare Plaza in 2013.

Cornerstar’s ownership group was structured as a mix of investors and tenant-investors. The developer wanted to select a prime site with the ability to attract physicians as tenants. Physicians were offered the opportunity to invest in the building and, therefore, reduce their occupancy costs in exchange for long-term, triple-net leases, ultimately adding value to the property, according to Health Connect Properties.

The three-story building is close to Parker Adventist Hospital and Centennial Medical Plaza. It features a common-area conference room, security cameras and key car access, well-lighted entrances and walkways, and 4.2 parking spaces per 1,000 sf.

Featured in CREJ’s May 16-June 5, 2018, issue

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