Medical center fetches $35M

The Urology Center of Colorado has been sold off. Photo by George Demopoulos.

The Urology Center of Colorado has been sold off. Photo by George Demopoulos.

Less than a year after a record-setting buy, a Minnesota firm is pumping another $35 million into Denver medical office real estate.

Olympus Ventures bought the Urology Center of Colorado building at 2777 Mile High Stadium Circle this week for $35.15 million.

The Urology Center of Colorado building totals about 60,000 square feet just north of Mile High Stadium. Olympus Ventures financed the eight-figure buy with a loan from PNC Bank.

Denver-based Development Solutions Group built the Urology Center building in 2006. The building has three operating rooms, five cystoscopy rooms, an imaging suite and radiation oncology equipment, according to the Development Solutions website.

Development Solutions sold the building to TUCC Medical Center Joint Venture LLC in 2010 for $23.25 million. The same firm flipped it to Olympus this week for a profit of about $12 million. That figures to a yearly rate of return of about 8.5 percent for the five-year hold.

Olympus Ventures is already invested in the Denver medical office game. The company bought the Red Rocks Medical Center in Golden for $52 million earlier this year. The Colorado Real Estate Journal said that deal at the time was believed to close at the highest price ever paid for a Denver medical office building.

The Urology Center of Colorado has been sold off. Photo by George Demopoulos.

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