Health Connect Properties (HCP) closed on the sale of Cornerstar Healthcare Plaza on Monday, April 16th. The Class A medical office building is located at 15901 East Briarwood Circle, Aurora, Colorado. HCP represented the seller, Cornerstar Healthcare Plaza, LLC. The buyer was an entity advised by Anchor Health Properties and Chestnut Real Estate.
Health Connect Properties acted as the seller’s leasing and property management team since the MOB’s opening in 2014. The full-service firm was also retained as the listing broker for the sale. Patricia Wassik, president and founder of HCP, was also the developer for the building. Abby Bartolotta joined Wassik as the seller’s representatives.
“The owner was approached with several off-market offers,” said Wassik. “It was certainly the right time to sell given the demand for healthcare real estate and the fact we were 100% leased.”
The 27,000 square foot building was constructed in 2014 and reached full occupancy in March 2018. Centura Health, the region’s largest healthcare system, is the anchor tenant occupying the entire second floor. Centura is joined by building tenants Centennial Eye Associates & Insight Retina Consultants, Mountain View Pain Center, Centennial Foot & Ankle, Rankin & Mingle Dentistry, and Paladina Health, a subsidiary of DaVita.
Led by developers Patricia Wassik and Tim Waner, founder of Waner Construction Company, the development is the second of its type for the duo. Wassik and Waner developed and sold Crown Point Healthcare Plaza in 2013. With their combined 70 years of experience in real estate and construction, the property was expertly planned, constructed, and managed for premiere medical services.
The seller’s ownership group was structured as a mix of investors and tenant/investors. At its inception, the developer wanted to select a prime site with the ability to attract physicians as tenants. Even more incentivizing, the physicians were given the opportunity to invest in the building and, therefore, reduce their occupancy costs in exchange for long-term, triple net leases – ultimately, adding value to the property.
Situated at one of metro Denver’s busiest intersections of Arapahoe Road and Parker Road, Cornerstar Healthcare Plaza provides tenants traffic exposure and panoramic views of the Rocky Mountains. Recognized for its unique and contemporary architecture, Cornerstar is a well-known medical facility among physicians, residents, and the Denver metro community.
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