Echo Real Estate Capital Inc. has acquired the Rampart Medical Campus, a two-building, 71,000-square-foot medical office development located in Denver.
The Denver Post reported one of the buildings was sold for nearly $4.5 million and the other was sold for $4.1 million. The two buildings last changed hands in December 2019 in an $18.8 million transaction.
The properties were built in 1942 as administrative and training facilities for the US Army Air Force and were converted into medical outpatient facilities in 2000 and 2008. The buildings are currently about 45% occupied by seven medical tenants including Colorado Allergy & Asthma Centers, US Dermatology Partners and Denver Oral & Maxillofacial Surgery.
“As value-add investors, we target well-located properties with strong fundamentals that need help being brought back to life,” said Echo Principal Oliver Plotkin. “These buildings are an integral part of the medical sub-market and provide important healthcare services for the families that call Lowry home. Add to it their historical significance as administrative buildings for the US military as part of the Lowry Air Force Base, and you have a pretty exciting project to work on. We can’t wait to get started.”
