Office buildings at MCR sold for $56 million

LOVELAND – Two medical office buildings located at 2500 Rocky Mountain Ave., adjacent to Medical Center of the Rockies in Loveland, were sold late last year for a combined $56.3 million.

The buildings were never listed, according to Ron Kuehl, vice president of real estate for Loveland-based developer McWhinney, which owned the buildings prior to the sale.

The buyer, Healthcare Realty Trust Inc. (NYSE: HR), is located in Nashville, Tenn. Both buildings combined encompass 150,291 square feet, Kuehl said.

The property was purchased as an investment, so the remaining tenant mix will remain in place.

McWhinney had turned down more than 50 offers on the property over the course of three years, Kuehl said.

“McWhinney likes to keep its properties long-term,” Kuehl said.
But last year, the company’s investment group decided to test the market for the property. The offers that rolled in were so attractive that the company decided to sell, Kuehl said, and the resulting influx of cash will go toward other projects the company is developing.

McWhinney is in the process of several developments right now, including the construction of a Bass Pro Shops in the midst of its Centerra mixed-use development at the intersection of Interstate 25 and U.S. 34. Bass Pro is projected to open in May 2015 after groundbreaking this spring, Kuehl said.

The equity gained from selling the medical office buildings can be leveraged into McWhinney’s other projects, Kuehl said.


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Molly Armbrister covers real estate, banking and health care for the Northern Colorado Business Report. She can be reached at 970-232-3139, marmbrister@ncbr.com or twitter.com/MArmbristerNCBR
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