Rampart Medical Campus acquired for $8.6M by Echo Real Estate Capital

Lowry neighborhood’s Rampart Medical Campus has been acquired for $8.6 million by Echo Real Estate Capital Inc., a Chicago-based real estate investment & development firm.

The two-building medical outpatient buildings, covering over 70,000 square feet, are at 125 and 130 Rampart Way.

The 125 building was sold for nearly $4.5 million and the 130 building was sold for $4.1 million, according to city special warranty deeds.

Property records show the two buildings last sold in December 2019 for $18.8 million.

“Historically 90 percent-plus leased, the portfolio was sold at approximately 50% occupancy providing a value-add investment opportunity for the buyer,” said Chris Bodnar, CBRE’s vice chairman of the U.S. Healthcare Capital Markets practice.

Built in 1942, the properties originally served as administrative and training facilities for the U.S. Army Air Force on what was then the Lowry Air Force Base. They were then converted into medical outpatient facilities in 2000 and 2008.

The medical offices are anchored by Colorado Allergy & Asthma Centers, U.S. 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 health care services for the families that call Lowry home. Add to it their historical significance as administrative buildings for the U.S. 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.”