Lowry neighborhood’s Rampart Medical Campus has been acquired for $8.6 million by Echo Real Estate Capital Inc., a Chicago-based real estate investment & development firm
The two-building medical outpatient buildings, covering over 70,000 square feet, are at 125 and 130 Rampart Way.
The 125 building was sold for nearly $4.5 million and the 130 building was sold for $4.1 million, according to city special warranty deeds.
Property records show the two buildings last sold in December 2019 for $18.8 million.
“Historically 90 percent-plus 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.
Built in 1942, the properties originally served as administrative and training facilities for the U.S. Army Air Force on what was then the Lowry Air Force Base. They were then converted into medical outpatient facilities in 2000 and 2008.
The medical offices are anchored by Colorado Allergy & Asthma Centers, U.S. Dermatology Partners and Denver Oral & Maxillofacial Surgery.
“As value-add investors, we target well-located properties with strong fundamentals that need help being brought back to life,” said Echo Principal Oliver Plotkin.
“These buildings are an integral part of the medical sub-market and provide important health care services for the families that call Lowry home. Add to it their historical significance as administrative buildings for the U.S. military as part of the Lowry Air Force Base, and you have a pretty exciting project to work on. We can’t wait to get started.”
The campus is within five miles of several hospitals, including Intermountain Health, HealthONE, UC Health, National Jewish Health and Children’s Hospital Colorado. Additionally, it is within walking distance of the Wings over the Rockies Air & Space Museum and Lowry Sports Complex Park.
A CBRE news release said the population within a one-mile radius has increased by 21% since 2010, featuring an affluent patient base with an average household income of $160,000.
Formed in 2016, Echo Real Estate Capital has over $500 million of acquisition and development activity in eight states nationally.
Based on their website, the firm plans to upgrade and maintain the three-story buildings, focusing on enhancing the building systems, roof, common areas, exteriors and landscaping.
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