Medical office building in Broomfield sells for $2.8M

BROOMFIELD — Buffalo Ridge Medical Center in Broomfield has been sold for $2.8 million.

The 6,623-square foot medical building was acquired by Boulder-based Buffalo Fortress CO LLC from Louisville-based Buffalo Ridge Medical Center LLC.

The building at 16677 Lowell Blvd. in Anthem Ranch along Colorado Highway 7, has three suites, two of which are occupied by Boulder Community Health’s affiliate Internal Medicine Associates at Buffalo Ridge, and the third suite is occupied by Gastroenterology of the Rockies.

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The seller was represented by Brian C. Smith, a senior associate in Marcus & Millichap’s Denver office.

Smith said that the Buffalo Ridge Medical Center is situated in a strong growth submarket, which is expecting to double in population over the next 15 years.

“The seller was able to exit the investment at a very attractive price given current market conditions,” Smith said. The seller had purchased the building in 2009 for $886,800, according to public records.

Debt-financing for the buyer was arranged by Phillip K. Gause, director with Marcus & Millichap Capital Corp. in Denver. The first mortgage loan is fixed for 10 years at 4.125 percent. The loan amortizes on a 25-year schedule.

“We are presently seeing very robust lender appetite for this asset class both nationwide and along the Front Range” Gause said in a prepared statement.