Northstar Sells MOB in Lafayette to Boulder County
Denver-based Northstar Commercial Partners has sold its 40,169-square-foot medical office building located at 1755 S. Public Road in Lafayette for $12.8M, to the County of Boulder.
“We are very pleased with the sale of this newly constructed asset to Boulder County,” said Brian Watson, founder & CEO of Northstar. “It is not only an excellent transaction for us here at Northstar, but provides a new and vital asset to the Boulder community as well.”
The 1.96 acre property was purchased as vacant land in September 2017 for the ground-up development of the Class A spec medical office building. Upon acquisition, Northstar Commercial Partners immediately began working through the entitlement and design process, with construction commencing in October 2018, and it was completed in September 2019. Northstar decided to make this substantial investment after it completed the development of the 65,000-square foot medical office building for Clinica Family Health adjacent to the new site in April of 2018.
“This sale is a textbook ‘win-win’ for all parties,” said Larry Braud, asset manager at Northstar Commercial Partners. “Boulder County now establishes a location close to some of their partner human services providers like Clinica, and can provide services to their southeast residents closer to where they live.” Watson concluded, “Northstar’s equity partners in this development not only enjoy a positive return on their financial investment, but also a non-monetary return in the form of being a part of a ground-up development that will be serving the community for many years.”
Northstar’s current portfolio includes 42 assets totaling approximately 8 million square feet in 15 states and a potential market value of approximately $1.2 Billion.
Photo courtesy of Northstar