The Gateway Plaza at Meridian building is located at 9800 S. Meridian Blvd. in Douglas County. (Google Maps)
Hospital chain Intermountain Health has closed on its purchase of a distressed office building in Douglas County.
The Salt Lake City-based health care system took ownership of the four-story Gateway Plaza at Meridian building at 9800 S. Meridian Blvd. on May 22, according to public records.
BusinessDen broke the news in March that the sale was in the works.
Intermountain paid $11.36 million, or about $80 a square foot, for the 142,000-square-foot building. That’s a nearly 50% drop from the $21.55 million paid by the previous owner, Portland-based Felton Properties.
Felton defaulted on the building’s loan in mid-2023, according to a lender, who had Gateway Plaza placed into receivership in January 2024. Felton also owns the Meridian One office building across the street at 9785 Maroon Circle. That property is in receivership, too.
Intermountain moved into the Colorado market in 2022, when it merged with Broomfield-based SCL Health. The company does not currently have any facilities in the fast-growing southern part of the metro area.
“We plan to hold an event on the morning of July 15th to discuss our plans for the building and the surrounding area of that part of the Front Range,” Intermountain spokeswoman Laura Wilson said in an email.
Intermountain isn’t the first local hospital chain to buy office space on the cheap in Douglas County. Chicago-based CommonSpirit Health, whose local hospitals include St. Anthony in Lakewood, bought the former TTEC headquarters building at 9197 S. Peoria St. in November. CommonSpirit plans to demolish the 270,000-square-foot structure as it builds out a 42-acre campus.
Intermountain is also in the process of selling the former Lutheran Medical Center site in Wheat Ridge to Chris Elliott’s E5X Management. That hospital moved three miles west last year.
The Gateway Plaza at Meridian building is located at 9800 S. Meridian Blvd. in Douglas County. (Google Maps)
Hospital chain Intermountain Health has closed on its purchase of a distressed office building in Douglas County.
The Salt Lake City-based health care system took ownership of the four-story Gateway Plaza at Meridian building at 9800 S. Meridian Blvd. on May 22, according to public records.
BusinessDen broke the news in March that the sale was in the works.
Intermountain paid $11.36 million, or about $80 a square foot, for the 142,000-square-foot building. That’s a nearly 50% drop from the $21.55 million paid by the previous owner, Portland-based Felton Properties.
Felton defaulted on the building’s loan in mid-2023, according to a lender, who had Gateway Plaza placed into receivership in January 2024. Felton also owns the Meridian One office building across the street at 9785 Maroon Circle. That property is in receivership, too.
Intermountain moved into the Colorado market in 2022, when it merged with Broomfield-based SCL Health. The company does not currently have any facilities in the fast-growing southern part of the metro area.
“We plan to hold an event on the morning of July 15th to discuss our plans for the building and the surrounding area of that part of the Front Range,” Intermountain spokeswoman Laura Wilson said in an email.
Intermountain isn’t the first local hospital chain to buy office space on the cheap in Douglas County. Chicago-based CommonSpirit Health, whose local hospitals include St. Anthony in Lakewood, bought the former TTEC headquarters building at 9197 S. Peoria St. in November. CommonSpirit plans to demolish the 270,000-square-foot structure as it builds out a 42-acre campus.
Intermountain is also in the process of selling the former Lutheran Medical Center site in Wheat Ridge to Chris Elliott’s E5X Management. That hospital moved three miles west last year.
