BROOMFIELD (December 30, 2021). Quiver Investments, LLC completed the sale of an off-market multi-tenant medical office building located at 340 E. 1st in Broomfield, Colorado. John Witt and Ben Swanson of Quiver Investments represented the buyer based out of California with a long history of investment in Colorado. The Seller, represented by James O’Malley of Resolute Investments, was a Colorado-based partnership that concluded a successful investment strategy, while allowing for continued upside through lease-up and mark-to-market of existing leases for the buyer.
The 28,196 square foot property was originally constructed in 2002 for Children’s Hospital so the quality of construction was exceptional and remains one of the nicest medical office buildings in the Broomfield submarket. The property was approximately 90% occupied at time of sale with mostly medical tenancy including UC Health and various other medical and dental practices.
The building also benefits from its proximity to the future Broomfield Town Square Development, a mixed-use redevelopment including eateries, retail, office and residential components. This project is proposed to include 600+ residential units, and 100,000 square feet of commercial space all integrated into community space, with initial phase scheduled for a 2023 opening.
Image: Broomfield Town Square Development
Credit: www.broomfieldvoice.com
“With low inventory and tremendous demand for stabilized assets, particularly medical, it was a welcome challenge to find opportunities for the buyer’s 1031 exchange and we are very appreciative that they chose to work with Quiver Investments”, said Ben Swanson of Quiver Investments.
“Through relationships in the market, we diligently pursued both on and off-market opportunities and were successful in identifying a great fit for the buyer in this off-market medical property. The challenge was timing with a total of only 41 days from contract execution to closing while working around three major holidays, sickness, and vacations. Thanks to the proactive effort from all of the parties and consultants involved, we were able to maintain the seller’s goal of a 2021 closing to ensure that no future changes to the tax code would affect their overall returns”, said John Witt of Quiver Investments.
ABOUT QUIVER INVESTMENTS
Quiver Investments, LLC is a Denver based investment brokerage firm specializing in the acquisition and sale of investment properties throughout Colorado and select regional markets throughout the Western US. The investment team leverages the latest technology, broad investment background, industry relationships and proprietary systems to pursue various opportunities that match client’s requirements throughout all phases of the real estate cycle.
FOR MORE INFORMATION
For insight on the current market and opportunities to either acquire or sell office, retail or industrial real estate, please contact:
John Witt, Principal Ben Swanson, Principal
303-748-8390 970-218-5219
john.witt@quiverinvestments.com ben.swanson@quiverinvestments.com
