Investors Dig Deep for Denver MOB
When it comes to MOB, big isn't as good as fully occupied in a growing market. Those are gold mines. Recently Marcus & Millichap Capital Corp director Phillip Gause arranged debt financing for the sale of Buffalo Ridge Medical Center, a two-tenant, NNN, Class-B medical office building in Broomfield. “Given favorable demographics trends, we're seeing very robust lender appetite for this asset class both nationwide and along the Front Range,” he tells us. The seller, Buffalo Ridge Medical Center LLC, was repped by Marcus & Millichap's Brian Smith. The buyer was Buffalo Fortress Co LLC.
Buffalo Ridge Medical Center is at 16677 Lowell Blvd, just 22 miles north of Downtown Denver. The 6,600 SF property was redeveloped in 2009 and has been 100% occupied since. It consists of three suites, two of which are taken by Boulder Community Health, and the other by Gastroenterology of the Rockies. The first mortgage loan was placed with a local credit union and is fixed for 10 years at 4.12%.