Northstar Commercial Partners buys former Aurora Medical Pavilion in prime location

AURORA, Colo., April 10, 2014 /PRNewswire/ -- Northstar Commercial Partners today announced the $3.4 million acquisition of a 113,568 square-foot building – formerly known as the Aurora Medical Pavilion – with plans to revamp it for medical/office use or convert it to a patient/family housing facility for those people receiving medical care at nearby facilities.

"Aurora is a major center of medical services for our state, region and country. We want to create a premier housing/care facility so that patients and families can stay in comfort while receiving world-class medical care nearby," said Brian Watson, the Founder and President of Colorado-based Northstar Commercial Partners. Watson said the redeveloped facility could provide lodging for up to 200 people and that Northstar is open to develop and lease the project to firms in the medical industry or related sectors. The building provides a prime location, with lower cost and immediate availability, to serve the major medical facilities nearby.

"Aurora boasts a growing medical district dedicated to excellence in patient care, education and research," said Aurora Mayor Steve Hogan. "The addition of this premier facility will support quality medical care, along with comfortable housing options that will make treatment a bit more pleasant for patients and their families."

The four-story building at 830 N. Potomac Circle, with 488 adjoining parking spaces, is on 5.34 acres with interstate frontage and unmatched visibility and signage on I-225 between 6th Avenue and Colfax Avenue. The building was purchased by 830 Potomac, LLC, an ownership entity created by Northstar Commercial Partners. The seller was NCWP – Aurora Medical Pavilion, LLC.

Adjoining the property to the south is The Medical Center of Aurora, part of the HealthONE healthcare system. To the north is the Spalding Rehabilitation Hospital and the Ronald McDonald House. Nearby is the University of Colorado Anschutz Medical Campus, which includes Children's Hospital Colorado, the University of Colorado Hospital and the U.S Dept. of Veterans Affairs Medical Center, a new 1.1 million square-foot facility under construction.

The Aurora Economic Development Council estimates that more than $4 billion has been invested in new and existing medical facilities in the area, including the Fitzsimons Life Science District, which is north of the Anschutz Campus.

The former Aurora Medical Pavilion is a short distance from two planned light rail stations at Second Avenue and Abilene Street, and at Thirteenth Avenue. Within two miles to the south of the building are shopping centers, including Town Center at Aurora and Aurora City Place.

Northstar Commercial Partners specializes in acquiring vacant commercial real estate, and places those properties into productivity for economic development, job creation and community enrichment. Most recently, an affiliate of Northstar acquired a vacant 56,281 square-foot building at 10180 E. Colfax Avenue in Aurora, Colorado, which will house Afrikmall, a cultural and business center serving the African community and the general public. In January, Northstar represented Denver Christian Schools in its acquisition of a vacant 270,000 square-foot building on a 20.7-acre property in Lakewood, Colorado, to become its new PK-12 campus for 600 students.

Northstar, founded by Watson in 2000, is committed to growing quality jobs in Colorado and throughout the United States by repositioning vacant assets to create opportunity for local communities. For more information regarding Northstar Commercial Partners, or to submit a property for consideration, please visit www.northstarcp.com.

CONTACT: Jaime Jones, 1-303-893-9500, [email protected]

SOURCE Northstar Commercial Partners