CBRE Completes Sale of Dry Creek Medical Office Building in Englewood
Broe Real Estate Group, a private real estate investment firm and affiliate of The Broe Group, headquartered in Denver, has sold its property, Dry Creek Medical Office Building in the Denver Tech Center, for an undisclosed amount.
Built in 2000, by The Neenan Company, the Dry Creek Medical Office Building totals approximately 57,250 square feet. It is 87 percent leased to a mix of established tenants including two surgery center anchor tenants. Other specialties represented at the property include imaging, OB/GYN, dentistry, ophthalmology, neurology, pain management and plastic surgery. Broe paid $15.6 million for the MOB in August 2019.
Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger with CBRE Healthcare and Life Sciences Capital Markets partnered with Dann Burke, Stephani Gaskins and Anna Heiserman in CBRE’s Denver office to represent the seller.
“The Dry Creek Medical Office Building is very well positioned for the future given the symbiotic tenant mix,” said Mr. Bodnar, vice chairman, CBRE. “There is overwhelming investor appetite for medical buildings in the Denver market. Buyer demand far outpaces available inventory.”
The property is located at 125 Inverness Dr. E., situated on the Dry Creek Medical Campus within a suburban residential and retail hub. In addition to the Dry Creek Medical Office Building, the campus includes a 20,000-square-foot building that is currently being repositioned as an orthopedic surgery center and a brand new 53,000-square-foot medical office building, anchored by Orthopedic Centers of Colorado.
The campus is two blocks east of I-25 and the Dry Creek light rail station, within 20 minutes of several area hospitals including Sky Ridge Medical Center, Littleton Adventist Hospital, Centennial Medical Plaza, Swedish Medical Center, Porter Adventist Hospital and Medical Center of Aurora.