Medical Office Properties Buys 113,512-SF Campus

MOP is a privately held medical properties REIT.

The sale price wasn't disclosed, but public records indicate they sold for about $15.5 million.

The buildings were built in 1982 and 1994, respectively, and have a total of 113,512 gross sf.

Aurora Medical Center Ltd. and AMC II, local limited partnerships, were the sellers.

The existing management company will continue to manage the buildings.

Trevor Brown and Rye Austin of Fuller and Co. provided consulting services to the sellers, while Craig Fitchett of Maverick Commercial Realty assisted the buyers.

The sale represents the end of the partnership started in the early 1980s, which originally built the two buildings. Many of the tenants in the buildings also were partners in the real estate.

Historically, the buildings had been 100% occupied, although in recent months there have been some vacancies, which Medical Office Properties sees as an opportunity to add value.

"Because these buildings are on campus, physically joined to the hospital, they stay filled at very good market rents," Brown says.

Brown tells GlobeSt.com that the deal took a lot of time to complete. "Two existing conduit loans were assumed by the buyers, which added another level of negotiations at the transaction," he says.

He notes that Medical Office Properties earlier bought the Rocky Mountain Cancer Center at 1801 Williams St. and is actively discussing buying other buildings in the metro area.