DENVER-Grubb & Ellis Healthcare REIT II Inc. has acquired Highlands Ranch Medical Pavilion for $8.4 million. The class-A medical office building totaling approximately 37,000 square feet is located in the Denver suburb of Highlands Ranch.
The property, located 12 miles south of Denver, was acquired from HRMED LLC, an unaffiliated third party represented CB Richard Ellis Inc.
Highlands Ranch Medical Pavilion is located at 8671 S. Quebec St., within approximately five miles of both the 231-bed Littleton Adventist Hospital and the 186-bed Sky Ridge Medical Center. Built in 1999 on approximately 3.5 acres of land, the property is 94% occupied by multiple tenants, including Belleview Family Medicine PC, National Jewish Medical and Research Center and Arapahoe Park Pediatrics PC.
“Highlands Ranch Medical Pavilion is located in one of Colorado’s most affluent neighborhoods, near two large hospitals and in the midst of one of the nation’s growing metropolitan regions, all of which make this an ideal acquisition for Grubb & Ellis Healthcare REIT II,” says Jeff Hanson, chairman and chief executive officer. “But most importantly, this acquisition is immediately accretive to our bottom line, delivering a rate of return well in excess of our 6.5% per annum distribution paid to investors.”
Highlands Ranch Medical Pavilion provides a variety of medical services to patients, including: asthma, allergy and immunology; radiology and imaging; pediatric services; physical therapy; behavioral health services; obstetrics and gynecology services; family practice and oral and maxillofacial surgery.
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