Rampart Medical Campus, a 70,631-square-foot, two-building portfolio of medical outpatient buildings located at 125 and 130 Rampart Way in Denver, has sold to Chicago-based Echo Real Estate Capital for $8.6 million.
Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jemmett and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Dann Burke, Stephani Gaskins and Anna Schornstein of CBRE’s Denver Advisory and Transaction team to act as the exclusive advisors to the seller.
Rampart Medical Campus is comprised of two buildings in the Lowry neighborhood of Denver. Originally built in 1942, the properties were repositioned into medical outpatient facilities in 2000 and 2008 to capitalize on the expanding local healthcare network with seven hospitals totaling 2,900+ inpatient beds in the area. Situated in an infill location with a variety of amenities within one of Denver’s most popular mixed-use communities, the campus is within walking distance to the Wings over the Rockies Air & Space Museum and Lowry Sports Complex Park.
The two buildings last sold in December 2019 for $18.8 million, according to property records.
“Historically 90%+ leased, the portfolio was sold at approximately 50% occupancy providing a value-add investment opportunity for the buyer,” said Chris Bodnar, CBRE’s vice chairman of the U.S. Healthcare Capital Markets practice. “Echo Real Estate Capital has the opportunity to add significant value by restabilizing the occupancy in the tight Denver medical market that offers excellent healthcare fundamentals.”
Rampart Medical Campus physicians and their patients benefit from direct adjacency to Lowry Town Center offering Safeway, Orangetheory Fitness, Starbucks, and numerous dining options. The population within a one-mile radius has rapidly increased by 21% since 2010 and features an affluent local patient base with an average household income of $160,000.
The purchaser, Echo Real Estate Capital, Inc., is a full-service real estate investment and development firm. Since its formation in 2016, the firm has had over $500 million of acquisition and development activity in eight states nationally.
