DURANGO, Colo. — MedProperties Holdings LLC and Caddis Partners LLC recently closed on a joint venture acquisition of the RiverGate Medical Center, about one and one-half miles south of downtown Durango, Colo.
The RiverGate acquisition includes a two-story, 38,548-square-foot, multi-tenant medical office building, as well as the attached Animas Surgical Hospital, a 30,505-square-footfacility consisting of 12 beds and four operating rooms. Both the MOB and the hospital are 100 percent leased and occupied.
Durango, located in southwest Colorado at the foot of the San Juan Mountains, is home to more than 17,000 residents and is a popular vacation destination.
“RiverGate Medical Center is a very solid investment with significant long-term market share,” says MedProperties Managing Principal Darryl E. Freling. “It’s also a unique asset that is delivering high-quality, much-needed healthcare services to both local and second-home residents.”
“The medical center is in an ideal location near downtown Durango and has the closest emergency room to the nearby skiing and snowboarding areas. It’s home to some of the top orthopedic surgeons in this area,” says MedProperties Managing Principal Roman J. Kupchynsky II.
The RiverGate hospital, which is operated by Nashville, Tenn.-based Symbion Healthcare, offers a full range of services including anesthesiology, ear/nose/throat, emergency medicine, plastic/reconstructive surgery and pain management, as well as quality care for women including gynecology. RiverGate Medical Center is close to downtown Durango, with frontage along the east side of the Animas River and views of the Rocky Mountains. The facility is accessible via Saw Mill Road, which connects with Colorado Highway 3 and is a major thoroughfare to downtown Durango.
Debt for the acquisition was provided by GE Healthcare Financial Services, a division of GE Capital Corp.