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News Release: PMB completes Superior Medical Center

The four-story, 60,000-square-foot facility also just won a national HREI Insights Award as the best medical office development of its size for 2018

Denver and San Diego, Dec. 17, 2018 – PMB, one of the nation’s leading medical real estate developers has announced the completion of Superior Medical Center (SMC), a four-story, 60,000-square-foot destination health and wellness facility in Superior, Colo., a northwest Denver suburb. The project includes a 229-space parking structure connected to SMC by a pedestrian bridge.

The award-winning, four-story, 60,000-square-foot Superior Medical Center delivers as destination health and wellness benefit for area residents while enabling PMB to capitalize on the growth of the rapidly expanding Superior, Colo., market. (Photos by Kevin Korczyk of K2 Creative LLC)

SMC is a component of Downtown Superior, located at the southeast corner of US Highway 36 and McCaslin Blvd. Downtown Superior is a 157-acre master planned community providing an active downtown experience, exciting dining options, sporting events, outdoor recreation, and live entertainment. Downtown Superior is anchored by The Sports Stable, a 150,000-square-foot indoor sports facility with 2 1-2 indoor hockey rinks and three indoor soccer fields.

The concept of SMC was initiated by Cornerstone Orthopedics in recognition of the need for a destination health and wellness facility to provide synergistic medical services to the nearby sports-affiliated facilities and local community. Cornerstone committed early to be an anchor tenant of the planned SMC and partnered with Sawtooth Development on the project’s initial development. After working on SMC’s entitlement, Sawtooth Development sought a healthcare development partner to finalize SMC’s equity, debt, construction guarantees, and leasing. In August 2016 John Gustafson of Newmark Grubb Knight Frank brokerage, representing Sawtooth Development, introduced PMB to the opportunity.

By September 2016 PMB was in a 30-day exclusive 30-day exclusive agreement with Sawtooth and soon thereafter developed a partnership to co-develop the project.

 We’re excited about the project. We saw this as an opportunity to capitalize on a rapidly expanding market in an area that has already had substantial growth, stated Jim Rohan, SVP of Development at PMB.

The project broke ground in April 2017 and wrapped up on time and on budget. Denver-based DSP Builders, Inc., provided general contracting services and Intergroup Architects, based in Littleton, Colo., served as project architect. The project was delivered under an open book design/build GMP methodology. The project team quickly built a strong rapport and working relationship that has led them to look at other development opportunities in the greater Denver area.

PMB was attracted by the project’s location in Boulder County, current synergies among existing tenants, strong demographics and substantial economic upside. The project is part of a mixed-use master plan, which represents one of PMB’s strategies focused on access, convenience and the patient experience. SMC also benefits from Downtown Superior’s ease of access from US Highway 36 and terrific freeway visibility.

Ben Rosenfeld, VP of Development at PMB, stated “The project represents years of work by the Town of Superior, Cornerstone Orthopedics and our co-development partners. I’m proud that we were able to help execute on their vision and deliver this immense destination health and wellness benefit to the entire community.”

PMB was attracted by the project’s location in Boulder County, current synergies among existing tenants, strong demographics and substantial economic upside. (Photos by Kevin Korczyk of K2 Creative LLC)

SMC is full of incredible successes. It represents PMB’s first ground-up development project in the Denver Metro market and represents another PMB project as part of a mixed-use master plan, a growing trend in healthcare provision nationwide. The project was a deal negotiated with Harrison Street Real Estate REIT, a new capital source for PMB, which set the framework for additional projects. PMB worked with the master developer and the local metro parking district to create a parking solution that took advantage of the project’s off-hours parking availability to address a local bond mandate for structured parking. And SMC’s shell and core were constructed by DSP Builders in 10 short months, overcoming the often unpredictable weather in the Boulder County/Denver area.

Clint Folsom, Mayor of Superior, stated regarding Superior Medical Center, “This is a major milestone in getting high-quality jobs in much needed facilities.”

The multi-tenant building is currently occupied by Boulder Community Health (BCH), Touchstone Imaging and Cornerstone Orthopedics & Sports Medicine. BCH offers urgent and family-care services. Touchstone Imaging brings x-ray, MRI and CT imaging services. Cornerstone Orthopedics & Sports Medicine, Superior Medical Center’s first user, has created a sports rehab and orthopedic center of excellence. These services support the needs of not only the local community but also the adjacent Sports Training Facility to create a true destination health and wellness location. In addition, we’re proud to announce that SCL Health has just signed a 15,000-square-foot lease to bring primary care and women’s health services to Superior in the spring of 2019. This lease brings the building’s occupancy to 70 percent, with only one full floor now available for lease. PMB Real Estate Services, one of the largest real estate service firms in the U.S. focused exclusively on medical office assets, is handling property management. John Gustafson of Newmark Grubb Knight Frank continues to handle all leasing inquiries. For more information regarding leasing at SMC, please contact John at 303.260.4258 or by email at jgustafson@ngkf.com.

Focusing on the right care, the right place, at the right time. This means a lot to us and we’re super excited to be part of this project, stated Darryl Brown, Chief Business Officer of Boulder Community Health.

PMB is also proud to announce that SMC has won Best New Medical Office Buildings and Other Outpatient Facilities (50,000 to 99,999 square feet) in the HREI Insights awards hosted by Healthcare Real Estate Insights magazine. The project was awarded last week at the RealShare Healthcare 2018 conference held in Scottsdale, Ariz.. The awards recognize excellence in healthcare real estate development and executive leadership. PMB was also recognized for another project, RadNet Medical Plaza in Riverside, Calif., which was nominated as a finalist in the Best New Medical Office Buildings and Other Outpatient Facilities (25,000 to 49,999 square feet) category.

About PMB

PMB is a full-service healthcare real estate development company that works with health systems, hospitals, medical groups, specialty providers and academic medical centers. PMB takes tremendous pride in its dedication to changing the way healthcare is delivered through innovative development of healthcare-related facilities. Its breadth of work includes ambulatory care centers, medical office buildings, inpatient hospitals, post-acute hospitals, senior living and parking structures. PMB has developed over 100 facilities to date representing approximately 5.5 million square feet. The firm owns and manages 66 medical facilities comprising over 4.2 million square feet. For more information, please visit www.pacificmedicalbuildings.com.

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