Colorado Credit Union Branch to be Converted to Medical Office
Avison Young has brokered the sale of an 8,000-square-foot office property located at 8331 Continental Divide in Littleton. The property was formerly a Colorado Credit Union branch and headquarters and will be transformed into a pediatric medical office. The property sold for an undisclosed price.
Avison Young Principal Rick Egitto, CCIM along with Justin Rayburn, principal with Fountainhead Commercial Properties, represented the seller, Colorado Credit Union. The buyer, Continental Divide Holdings, LLC was represented by Dann Burke and Stephani Gaskins with CBRE Healthcare Real Estate Brokerage Services.
“The buyer plans to execute a renovation of the property for use as its pediatric practice,” said Egitto. “We are seeing the Denver market being driven by the strong demand for medical office space and expect that trend to continue over the next 12 to 18 months.”
The broker team used its collective network to bring the opportunity to the market and secured a buyer for the property days before the listing went public. The quick sale enabled the seller, Colorado Credit Union, to consolidate its operations at its new Denver headquarters building on San Juan Way. It will also provide a reputable local pediatric practice to expand operations to a new office in the Denver metro.
“Rick and Justin’s targeted strategy to identify a local owner/user buyer allowed for a short due diligence period. This aligned with our business goals to rapidly monetize this real estate asset and capture valuable equity to invest back into our business,” said Mike Williams, CEO with Colorado Credit Union.