**Echo Real Estate Acquires Denver Medical Office Buildings at a Discount**
Echo Real Estate has purchased a two-building medical office development in Denver’s Lowry Field neighborhood for $8.6 million—less than half of its previous sale price. The properties were sold by Healthcare Realty Trust, which had acquired them for $18.8 million in 2019. Financing for the acquisition was provided by AGP Capital and Aspen Funds.
“As value-add investors, we target well-located properties with strong fundamentals that need help being brought back to life,” said Oliver Plotkin of Echo Real Estate.
Located at 125 and 130 Rampart Way, the buildings comprise a 71,000-square-foot campus and are currently 45% occupied by seven tenants. Major tenants include Colorado Allergy and Asthma Centers, Denver Oral and Maxillofacial Surgery, and U.S. Dermatology Partners.
The three-story medical office buildings are positioned near six major hospitals: Saint Joseph Hospital, National Jewish Health, Presbyterian/St. Luke’s Medical Center, Rose Medical Center, the University of Colorado Anschutz Medical Campus, and The Medical Center of Aurora.
