Colorado Real Estate Journal - November 19, 2014
Centum Health Properties and Signature Partners recently teamed up to buy Wadsworth Medical Building, a 22,000-square-foot property in Littleton. The building at 5920 S. Estes St. was approximately 56 percent occupied at the time of the sale. Centum Health and Signature Partners said the asset will add to their successful track record of breathing new life into distressed medical office space. “ Centum Health Properties and Signature Partners are excited to work together again,” said James Turpen, CEO of Centum Health Properties. “This team has a very successful track record and is excited to continue growing the portfolio with opportunistic health care real estate ventures.” According to public records, Centum Health and Signature Partners bought the two-story building from LSREF2 OREO Direct LLC, which is affiliated with Lone Star Funds, for $2 million. The seller had acquired the property in 2006 as part of an approximately $2.5 billion portfolio deal. Turpen said tenants will enjoy the added attention of a local ownership group that plans to polish the already attractive building and seek out new tenants to complement the existing tenant base. The property “was in very good condition,” he said, adding Wadsworth Medical Building is not in need of major capital investment. The new owners will add “a little carpet, a little paint, a little splash here and there” and offer turnkey suites. Current tenants include Focus on Kids Pediatrics, Precision Endodontics, Mountain View Pain Center and Performax Physical Therapy. Available spaces start at 750 sf and go up to 3,800 sf. Lease rates start at $15.95 per sf triple net with all-inclusive operating expenses of $9.75 per sf. Turpen said the building has experienced reasonable interest and deal flow and now will offer tenants a generous tenant finish allowance. Wadsworth Medical Building was built in 2005. It is across the street from Southwest Plaza and within a mile of Swedish Southwest ER. Other value-add projects Centum Health Properties and Signature Partners completed together include the Range Vista Medical Office Building in Westminster, which they sold to a health care real estate investment trust, and Two Ponds Professional Plaza, an Arvada medical office building where they recently completed a major renovation and modernization. Founded by Neil Littmann and W. Scott Reichenberg, Signature Partners is a privately held local real estate investment and development company that specializes in acquisition, development, management and disposition of real estate investments for its investors. Centum Health Properties is a full-service health care real estate firm focused on providing health care facilities that enhance the patient and provider experience.