CBRE announced today that the firm has completed the sale of the Children’s Hospital Medical Pavilion, previously called Aurora Medical Pavilion, located at 860 North Potomac Circle in Aurora, Colorado. Chris Bodnar, Lee Asher, Shane Seitz, Ryan Lindsley and Sabrina Solomiany of CBRE U.S. Healthcare Capital Markets partnered with James Brady and Campbell Davis from CBRE Denver Investment Properties to act as the seller’s exclusive advisors. The seller was Northstar Commercial Partners of Denver. The buyer, a confidential entity, purchased the property in a sale that closed Dec. 3, 2018.
“This offering was very well received given the commitment by Children’s Hospital Colorado to the building and the market,” said Chris Bodnar, Vice Chairman, CBRE. “Even though the renovation of the building will not be completed until mid-2019, investors were able to price through any construction risk and focus on the opportunity to control an asset that will be fully occupied by one of the top 10 pediatric hospitals in the nation.”
The four-story medical office building was constructed in 1984 and expanded in 1992 and now totals approximately 113,568 rentable square feet. The property is 100 percent leased by Children’s Hospital Colorado.
Children’s Hospital Colorado recently committed to lease the entire building, which will undergo a significant renovation in 2019, including updates to the common area lobby, elevators and mechanical systems as well as completing a new tenant improvement build out. Construction is expected to be completed by June 2019 in time for Children’s Colorado’s expanded lease to commence.
“I am happy that the City of Aurora has a notable tenant that will continue to occupy this building for years to come. This sale helps solidify Northstar’s dedication to Colorado to help facilitate healthy growth and encourage local, community-focused expansion and quality jobs in the area,” said Brian Watson, Chairman and CEO, Northstar Commercial Partners. Northstar Commercial Partners is a privately held, full-service real estate investment and asset management company headquartered in Denver. The firm specializes in the development, acquisition and redevelopment of commercial real estate assets throughout the United States.
