Broe Real Estate Acquires Dry Creek Medical Office Building
Broe Real Estate Group (BREG), a private real estate investment firm and affiliate of The Broe Group, headquartered in Denver, confirmed the $15.6 million acquisition of a 57,257-square-foot medical pavilion located on 4.23 acres at 125 Inverness Drive East, Englewood.
Constructed in 2000, the three-story multi-specialty medical building located in Arapahoe County is uniquely located proximate to four greater Denver area hospitals including Sky Ridge Medical Center (3.4 miles), Centennial Medical Plaza (2.3 miles), Medical Center of Aurora (7.5 miles) and Littleton Adventist Hospital (6.2 miles). The property is an attractive, off-campus medical office asset located in a well-established suburban office and residential hub within one of the fastest growing metropolitan regions in the United States.
“This acquisition is the latest example of our medical office building repositioning strategy,” says BREG CEO Doug Wells. “As a local operator, the BREG team is well-suited to address pending tenant roll and secure strong long-term occupancy. By investing significant capital in physical upgrades and leasing costs and executing a focused asset management program, we will ensure that our tenants can continue to deliver the needed medical services for Coloradans that live and work in south Denver’s rapidly growing region.”
Dry Creek Medical Office Building marks BREG’s fourth major MOB repositioning project in the past twelve months totaling nearly 540,000 square feet. Medical assets continue to play a major role in BREG’s Western United States acquisition strategy as it continues to assess opportunities with viable institutional medical exits.
Chris Bodnar and Lee Asher from CBRE Healthcare Capital Markets listed the property for sale. “Market demand for non-hospital medical services is at an all-time high and Colorado’spopulation growth continues to exceed national growth rate. Dry Creek Medical Office Building is an institutional quality asset within a highly established, high growth market,” noted Chris Bodnar, CBRE vice chairman.
Photo courtesy of Broe Real Estate Group