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Located across from the new Memorial Hospital North, Healthcare Realty Trust's two-building, 170,000-square-foot office Medical Pavilion complex officially broke ground this month.
The move represents the firm's entry into Colorado. The publicly- traded real estate investment trust which focuses on medical and outpatient facilities reported a portfolio net worth of $826 million in 2006. It currently manages or holds 249 medical properties in 28 states across the country.
"We may eventually initiate more projects in Colorado or expand into Denver and additional locations in Colorado Springs, but were drawn to the area by the construction of two new hospitals in the same part of the city," said Todd Meredith, HRT vice president of investment. "Our research also projected strong population growth with lots of families moving in - along with a growing 55-plus demographic, all of which will use more health care."
Construction on two three-story buildings begins none too soon in view of mounting competition from half a dozen new for-lease and office condo developments launching within a three-mile radius. One of those is Memorial Hospital's 123,000-square-foot medical office building. Pre-leasing has already resulted in...