APRIL 15, 2019
AUSTIN, Texas – Virtus Real Estate Capital (“Virtus”), a leading asset manager of alternative real estate property types, and its partner, Ryan Companies, today announced the acquisition of Woodlake Centre (“Woodlake”), a hybrid medical office and traditional office property in Richfield, MN. The partnership plans to focus its efforts on repositioning the asset as a pure play medical office building, which will be managed by Ryan Companies Real Estate Management Services (“REM”).
Woodlake is a unique property with both medical and traditional office tenants, consisting of three connected buildings and adjacent parking structure in Richfield, MN. Richfield is a dense suburb in south Minneapolis, the 16th largest Metro in the US, that has demonstrated historically high demand for medical services and is close to one of the top hospitals in the area, Fairview Southdale. The property has attracted several new medical tenants since undergoing a significant renovation and repositioning in recent years.
The deal is a joint venture between Virtus and Ryan Companies, a nationally recognized healthcare developer based in Minneapolis that is intimately familiar with the local healthcare market. The partnership plans to upgrade the physical plant of the property, incorporating cosmetic renovations geared toward healthcare tenants, and implement a more effective healthcare tenant leasing strategy.
“We are extremely excited about this particular acquisition. The Minneapolis market continues to have strong healthcare demand, and we believe we found a prime asset with potential for us to create value by positioning the building specifically for healthcare tenants,” said Matt Withey, Virtus Director, Healthcare Acquisitions. “We are thrilled to be working with Ryan Companies on the project and believe our combined companies’ track record and expertise in healthcare real estate will help us execute our business plan to turn the asset into a high-quality institutional medical office.”
“The prominent location and Richfield’s growth have already attracted some great medical providers to the property including Allina Health and Metro Dentalcare,” said Mike Maney, Senior Vice President of Acquisitions and Asset Management at Ryan Companies. “We’re excited to partner with Virtus on this investment and look forward to bringing additional medical services to the community of Richfield.”
About Virtus
Virtus Real Estate Capital, founded in 2003, brings thoughtful stewardship to the practice of real estate investment, delivering non-correlated alpha via cycle-resilient real estate. Over the last 15 years, Virtus has acquired 227 properties for a combined acquisition value of over $3.6 billion and has fully realized 172 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit www.virtusre.com.
About Ryan Companies US, Inc.
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, architect, capital investment consultant, builder and real estate manager with a focus on bringing lasting value to its customers and the communities in which it works. Ryan market depth includes retail, industrial, healthcare and senior living. Ryan development and corporate build-to-suit work spans a wide range of product types including office, mixed-use, hospitality, multifamily housing and mission critical facilities. Ryan has nearly 1,300 employees in 16 offices and has completed projects in 39 states. For more information, visit www.ryancompanies.com.
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Contacts
Mrs. Brooke Akins
bakins@virtusre.com
Disclaimer
This communication is not an offer of any security nor the solicitation of an offer to purchase any security.
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