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8/13/18
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Greenwood Village-based NexGen Properties purchased EastRidge Medical Office building, a 23.1k sf office property in Highlands Ranch, CO, for $4.73 mil ($205/sf). The property, located at 6660 Timberline Rd, was sold by LNR.
Built in 2005, EastRidge Medical Office Building is 89% leased to nine tenants, five of which have occupied space in the building for over 10 years. Highlands Ranch boasts impressive surrounding demographics and a constrained supply of medical office buildings. The property was sold on the Ten-X auction platform and involved over 150 signed confidentiality agreements resulting in 12 registered bidders.
NexGen plans to add value to the building by improving its position in the marketplace and potentially monetizing the unfinished space in the lower level. Brad Cohen, Larry Thiel, and Lauren Quiram of Transwestern’s Denver Capital Markets Group brokered the transaction on behalf of the seller.
"It's rare that a bank-owned medical office building comes on the market, much less in Highlands Ranch where there are only 11 medical buildings total, so this asset generated a substantial amount of interest among investors” said Cohen.
NexGen Properties has partnered with Dunton Commercial to provide property management services for the building. With the acquisition of the EastRidge Medical Office Building, NexGen Properties owns 225.3k sf of office, industrial, and retail space primarily in Colorado.
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