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Medical office building in Denver West trades for $5.7M

Denver Eye Surgeons is the anchor tenant in Denver West’s Building 55.

Denver West’s owners sold a medical office building within the 83-acre office park for $5.7 million, or $150.44 per square foot.

Denver West MOB LLC, an affiliate of Texas-based Pinecroft Realty, bought Building 55, a 37,890-sf building at 13772 Denver West Parkway in Lakewood, from a partnership of DPC Cos. and Bridge Investment Group.
Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE Healthcare Capital Markets represented the sellers in the transaction.

The two-story building was approximately 95% leased at the time of the sale. Denver Eye Surgeons occupies about 78% of the building, which also houses a pediatric practice, counseling center and other medical tenants.
Primarily private investors considered the acquisition due to its size, according to Bodnar.

“We got quite a bit of activity. Obviously, it is a well-located building, stabilized, with a good anchor tenant,” he said. “The basis for the medical office building was very attractive to the investment community.”

Sabrina Solomiany of the CBRE Debt and Structured Finance group worked with the buyer to secure financing for the acquisition.

DPC and Bridge Investment Group bought the 1.3 million sf, 20-building Denver West business park in late 2018 for $143.65 million. DPC President Chris King said several months ago the partnership would sell a few of the buildings that are “unique to the park,” such as the medical office building and a couple of single-tenant buildings that didn’t fit within the multitenant nature of the park.

Featured in CREJ’s March 18-31, 2020, issue

Kris Oppermann Stern is publisher and editor of Building Dialogue, a Colorado Real Estate Journal publication, and editor of CREJ's construction, design, and engineering section, including news and bylined articles. Building Dialogue is a quarterly, four-color magazine that caters specifically to the AEC industry, including features on projects and people, as well as covering trends…