589 11th Avenue
US - New York, NY
IDR 148,397,222,000 | 1,463 m²
Jones Lang LaSalle Americas, Inc. is pleased to offer for acquisition Highlands Ranch I & II (the “Property”), a two-building, 153,585 square foot Class A medical & office campus located in Highlands Ranch, CO. Driven by the Property’s close proximity to UCHealth Highlands Ranch and Children’s Hospital South Campus, the Property has experienced a prominent shift from traditional office to medical tenancy over the past two years.
Currently, the Property is 70.8% leased with 23% of the RBA being healthcare focused. The Property has experienced significant healthcare leasing activity recently with ~21,000 SF of medical leases signed over the last ten months which sets the stage for a full medical office conversion. Given the fact that medical office rents are approximately 20-25% higher than traditional office in this submarket, Highlands Ranch I & II provides investors an unmatched opportunity to increase occupancy and rents across the remainder of the campus. There is a strategic path via lease up and rollover to ultimately achieve 84%+ medical office tenancy over a five-year hold.