Broe Real Estate Group to Convert Littleton Office Building into MOB
Denver-based Broe Real Estate Group has acquired a 41,030-square-foot office building located on 4.66 acres at 1501 W. Mineral in Littleton. Broe plans to convert the building into medical office and is actively pursuing medical tenants for the property.
Constructed in 1999, the two-story multi-specialty building located in Douglas County is the ideal candidate for conversion, given its highly visible location and proximity within the sub-market. BREG will undertake significant capital investments to convert the previously zoned office building into a medical office facility equipped to serve the area’s growing need for medical services. Douglas County’s 19.4 percent growth since 2010 has outpaced all metro Denver area counties, creating increased consumer medical need.
“The Mineral acquisition offers the opportunity to repurpose a high quality asset into an institutional quality medical space that addresses the area’s continuing need for non-hospital medical services,” says BREG CEO Doug Wells. “Our team is actively pursuing medical tenants to serve the community’s growing needs.”
The Mineral project is BREG’s fifth transaction supporting MOB repositioning project in the past twelve months totaling nearly 600,000 square feet.
“1501 West Mineral is a highly visible building with excellent access to nearby retail amenities and medical services. Demand for high quality, well-located healthcare options in Douglas County continues to outpace supply, which has been limited in part by rising construction costs,” noted Jeff Wood, CBRE.