Elion Partners and The Davis Group Enter Joint Venture to Build 50,000+ Square Feet of Medical Office
Minneapolis-based The Davis Group recently announced that it is teaming with Aventura, Fla.-based Elion Partners on the development of an MOB that will have 50,000 square feet, or more, in a new mixed-use project in Woodbury, Minn., east of St. Paul. (Rendering courtesy of The Davis Group)
(January 25, 2017 – WOODBURY, MINN.) – Elion Partners and The Davis Group have entered a joint venture to develop a Class A medical office building at CityPlace in Woodbury, Minn. The new medical office building is the second to be developed, and is part of the 100-acre master planned development off Radio Dr. and I-94.
The two-story, 50,000+-square-foot medical office building will be located between the retail and Residence Inn by Marriott, on approximately four acres.
“The momentum at CityPlace began with the development of the retail shops, hotel, and TRIA Orthopaedics, which have been phenomenally successful,” said Woodbury Mayor Mary Giuliani Stephens. “Today’s announcement of a new medical office building will only add to that success, and will solidify Woodbury’s reputation as a healthcare destination and an economic hub of the Twin Cities east metro.”
The approved development plan for CityPlace identified the goal of 400,000 square feet of Places to Work land uses. Following the construction of the 50,000+-square-foot medical office, there will be 290,000 square feet of Places to Work uses.
“Creating a high-quality Places to Work environment is the main goal of the CityPlace development. The addition of the new multi-tenant medical office building will bring us another step closer to that goal,” said Eric Searles, Woodbury’s City Planner.
The Davis Group, in conjunction with Elion Partners, has designed the multi-unit medical office building to meet the demands of today’s medical office user.
“Our focus at CityPlace has always been to bring the highest quality development to the site,” said Juan DeAngulo, Managing Principal, Elion Partners. “That’s why we are excited to partner with The Davis Group who consistently delivers the highest level of product quality with all of its medical office buildings.”
“We are extremely pleased to be part of the CityPlace development,” said Jill Rasmussen, The Davis Group, Principal. “We look forward to our partnership with Elion Partners and bringing another high-quality Class A medical building to the Woodbury Community.”
The new medical office building will be joining the 75,000-square-foot Tria Orthopaedic Center on site, which is currently under construction and expected to open this summer.
About CityPlace
CityPlace (www.CityPlaceMN.com) is a 100-acre, master-planned development located in Woodbury, Minn. The vision behind CityPlace is to create a dynamic, mixed-use development — a true work-play-stay community — in a prime suburban location. CityPlace brings diverse opportunities for recreation, shopping and cultural activities while balancing work with amenities and supportive functions. Located at the northeast corner of Radio Drive and I-94, CityPlace includes pedestrian-friendly scenic trails, Class A office and medical office space, a Whole Foods Market, shopping, dining, and a Residence Inn by Marriott Hotels.
About the Davis Group
The Davis Group is a Minneapolis–based, full-service real estate consulting company. The firm provides services to individual medical groups, hospitals and other larger medical organizations. The Davis Group specializes in the areas of healthcare strategic planning, brokerage, management and development. Learn more at davisrealestate.com.
About Elion Partners
Elion Partners is a real estate investment firm focused on acquiring and developing quality commercial properties in strategic locations and providing real estate equity for developers and operators throughout the United States. The company has interest in a variety of asset types including industrial, office, retail, multifamily and mixed-use properties. Learn more at elionpartners.com. For updates from Elion Partners, follow @elionpartners.
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