{"id":1004285480,"date":"2018-12-13T00:21:33","date_gmt":"2018-12-13T08:21:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004285480"},"modified":"2019-09-17T06:06:09","modified_gmt":"2019-09-17T14:06:09","slug":"northstar-sells-114-ksf-medical-building-in-colorado","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northstar-sells-114-ksf-medical-building-in-colorado\/","title":{"rendered":"Northstar Sells 114 KSF Medical Building in Colorado"},"content":{"rendered":"<p>&nbsp;<\/p>\n<div id=\"attachment_1004285495\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/860-Potomac-St..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004285495\" data-attachment-id=\"1004285495\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/northstar-sells-114-ksf-medical-building-in-colorado\/860-potomac-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/860-Potomac-St..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"860 Potomac St.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;860 Potomac St.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/860-Potomac-St..jpg?w=800\" class=\"wp-image-1004285495 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/860-Potomac-St..jpg\" alt=\"860 Potomac St.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/860-Potomac-St..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/860-Potomac-St..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/860-Potomac-St..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004285495\" class=\"wp-caption-text\">860 Potomac St.<\/p><\/div>\n<p>Northstar Commercial Partners has sold its interest in Potomac in Aurora, a 113,568-square-foot building in Aurora, Colo., for $34.8 million.&nbsp;CBRE represented the seller.<\/p>\n<p>Located at 860 Potomac St. and situated on 5.2 acres, Northstar acquired the property through&nbsp;an affiliated entity in March 2017 for&nbsp;$5.6 million. At the time of that sale, the asset was vacant. Once taking ownership, the company signed leases to fill the entire building.<\/p>\n<p><em>\u201cWe are pleased&nbsp;with the sale of our 860 Potomac property\u2014it represents a major accomplishment for everyone involved,\u201d <\/em>Brian Watson, Northstar\u2019s chairman &amp; CEO, told<em> Commercial Property Executive. \u201cNot only were we able to stabilize the asset with a long-term lease prior to selling, but we were also able to provide our equity investors an exceptional return of over a three-times multiple on their original investment in just over a 1-and-half-year investment period.\u201d<\/em><\/p>\n<h2>Making presence known<\/h2>\n<p>The 860 Potomac building is just east of&nbsp;Denver&nbsp;on Interstate 225. The building is 100 percent leased by Children\u2019s Hospital of&nbsp;Colorado. The construction and build-out for the tenant to take the space in June is occurring now.<\/p>\n<p><em>\u201cI am happy that the City of Aurora has a notable tenant that will continue to occupy this building for years to come,\u201d <\/em>Watson said.<em> \u201cThis sale helps solidify Northstar\u2019s dedication to Colorado to help facilitate healthy growth and encourage local, community-focused expansion and quality jobs in the area.\u201d<\/em><\/p>\n<p>In May, Children\u2019s Hospital of Colorado also signed a <a href=\"https:\/\/www.commercialsearch.com\/news\/aurora-medical-campus-reaches-full-occupancy\/\">105,806-square-foot lease<\/a> at 830 Potomac Circle, a four-story medical office building just down the road from this property, which is also owned by Northstar Commercial Partners.&nbsp;<\/p>\n<p>Both properties are close to the Fitzsimons Medical Campus, where more than $5 billion&nbsp;has been invested in facilities for the&nbsp;University of Colorado, Department of Veterans Affairs, and others, making them ideal locations for ancillary medical offices.<\/p>\n<p><em>\u201cThis offering was very well received given the commitment by Children\u2019s Hospital of&nbsp;Colorado&nbsp;to the building and the market,\u201d<\/em> Chris Bodnar, CBRE\u2019s vice chairman, said in a prepared statement. <em>\u201cEven though the renovation of the building will not be completed until mid-2019, investors were able to price through any construction risk and focus on the opportunity to control an asset that will be fully occupied by one of the top 10 pediatric hospitals in the nation.\u201d<\/em><\/p>\n<p>The CBRE team also included Lee Asher,&nbsp;Shane Seitz,&nbsp;Ryan Lindsley&nbsp;and&nbsp;Sabrina Solomiany&nbsp;from the firm\u2019s U.S. Healthcare Capital Markets division, and James Brady&nbsp;and Campbell Davis&nbsp;from CBRE Denver Investment Properties.<\/p>\n<p>Northstar\u2019s portfolio now has 48 retail, office, industrial\/warehouse, medical, senior care, data centers, and daycare facilities in 17 states under its investment, development and management, worth a bit more than $1.3 billion.<\/p>\n<p><em>Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The asset, completely leased to Children\u2019s Hospital of Colorado, is in the middle of major renovations. CBRE negotiated the deal on behalf of the seller.<\/p>\n","protected":false},"author":451,"featured_media":1004285495,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1587,21808,21754,21742,15],"tags":[40370,32789,39030,47018],"class_list":["post-1004285480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-denver","category-featured","category-medical-office","category-latest","category-west","tag-brian-watson","tag-cbre","tag-northstar-commercial-partners","tag-sabrina-solomiany"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Northstar Sells 114 KSF Medical Building in Colorado - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/northstar-sells-114-ksf-medical-building-in-colorado\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Northstar Sells 114 KSF Medical Building in Colorado\" \/>\n<meta property=\"og:description\" content=\"The asset, completely leased to Children\u2019s Hospital of Colorado, is in the middle of major renovations. 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