- Sold in 2015 for $35.15 million
- Sold in 2010 for $23.25 million
- Constructed in 2006
- 56,000 SF medical office building
- 26,000 SF surgery center
Manage the transition from construction to building operations and navigate two different sales all the while operating a complex Class AA medical office building.
Provide smooth move-in of new tenant occupancy in 2006 and ownership transition in 2010 and 2015 through well-established tenant relations.
The developer of TUCC awarded Health Connect Properties the management contract of the brand new property in 2005. Through their property management package, HCP was to provide ongoing facility management, tenant relations, and lease administration services. As the property was a brand new medical office building, we also secured the contract services required for the operation of the facility upon its turnover from construction. HCP controlled the warranty process to ensure a successful handoff from the general contractor twelve months after completion.
Once HCP moved in all tenants, we acted as the liaison between the tenants, the asset manager, and the general contractor. This included finalizing punchlist items, signage, and lease transactions.
On the accounting front, HCP prepared the initial operating budget and assisted the ownership with ongoing budgeting on an annual basis.
As the property managers interacting with the tenants on a daily basis, HCP quickly developed lasting relationships with the building occupants. We directed all contract service vendors, handled all building payables, and worked directly with ownership to provide a clean, safe, and attractive facility for patients and staff.
Due to our repertoire with both tenants – the surgery center and the urology group – HCP was maintained as the property managers through sales in 2010 and 2015. This serves as a testament to the value we place on tenant relations backed by a thorough and reliable maintenance of one of Colorado’s most valuable and complex medical office buildings.
The Urology Center of Colorado was developed by Development Solutions Group (DSG) in 2005 and constructed in 2006. It was initially jointly owned by a group of physicians and the surgery center. The remaining 30,000 square feet outside of the surgery center was leased to one of the most comprehensive urology centers in the nation. Their space includes radiation oncology, outpatient surgery, imaging, and in-house lab and pathology services. The vision was to create a one-stop practice for the full range of urologic patient needs.
In 2010, the building sold to an LLC out of California who then traded the property in 2015 for a $12 million profit to Olympus Ventures, LLC – the owner of Red Rocks Medical Center in Golden, Colorado.
“Health Connect Properties (HCP) has been an essential component of the success of The Urology Clinic of Colorado since the construction turnover in 2006. They continually bid out, select and manage the most qualified vendors for our complex building systems. They effectively manage operating expenses and communicate regularly with our executive team. Emergency issues are handled timely and the building is maintained in a manner to create a safe and pleasing environment for our patients, visitors and staff. As the previous Owner and current Tenant, we depend on HCP’s high level of professionalism and expertise to make the facility a success while we manage our practice. Upon the sale of the property in 2010, HCP made the transition to new ownership seamless and we are delighted to have maintained HCP as our property management team.”
Richard Heppe, MD
Platte Valley Medical Center
“When we purchased The Urology Center of Colorado and Red Rocks Medical Center, Health Connect Properties was already managing the assets and was extremely familiar with the properties. Health Connect has worked very hard to develop a positive rapport with the tenants, making it a very easy decision to keep them on board for a smooth transition. Tenant and patient satisfaction are paramount in operating Class A healthcare facilities, but as experts in healthcare real estate, Health Connect Properties has our complete confidence in managing our Colorado assets.”
Olympus Ventures, LLC