COLORADO SPRINGS-Denver-based healthcare real estate owner and developer NexCore Group has acquired two medical office buildings and a development parcel here from the City of Colorado Springs-owned Memorial Health System for $69.4 million. NexCore acquired the properties in a joint venture with publicly traded healthcare REIT Ventas Inc.

The two buildings are the 223,000-sf Printers Park Medical Office Building at 175 South Union Blvd. and the 59,000-sf Briargate Medical Office Building at 8890 North Union Blvd. The two buildings were acquired for $66 million. The additional developable land, located within Briargate, was acquired for $3.4 million.

As part of the deal, MHS will continue to be the largest tenant of the two buildings. Memorial Health Systems CEO Richard Eitel says NexCore was not only the high bidder but also had the experience and expertise to manage the physician office space in the two buildings.

“As the largest tenant occupying the Briargate and Printers Park Buildings, MHS will continue to have relationships with the physician tenants and we wanted to make sure the buyer had a track record of successfully dealing with physicians over time,” he says.

Led by president/CEO Greg Venn, NexCore Group owns and operates nearly 1.3 million sf of healthcare related real estate nationwide. The acquisition from MHS makes NexCore one of the largest medical office building owners in Colorado Springs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.