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News Release: Davis announces the sale of the fully occupied Dean Lakes Health building in Shakopee, Minn.

The medical office building in the growing, affluent area is anchored by Allina Health and also houses Edina Eye Physicians & Surgeons and Caravel Autism

The Allina Health-anchored, 19,124-square-foot Dean Lakes Health building is conveniently located off Highway 169 in Shakopee, Minn.

MINNEAPOLIS and SHAKOPEE, Minn., Sept. 2, 2021 – Minneapolis-based Davis announced today that it advised the owner on the recent sale of the 19,124-square-foot Dean Lakes Health building in the southwest Twin Cities suburb of Shakopee.

The buyer was a partnership of Chicago-based Harrison Street and MedCraft Healthcare Real Estate, which is headquartered in Minneapolis. The transaction closed Aug. 13.

The Class A, one-story medical office building (MOB), located at 4201 Dean Lakes Blvd., is fully occupied by anchor Allina Health, as well as Edina Eye Physicians & Surgeons P.A. and Caravel Autism.

“Davis created value by leasing up the property and then advised the owner to successfully implement a sales strategy that resulted in a competitive sale of the asset,” according to Mark Davis, Founder and Managing Partner of Minneapolis-based Davis, a national healthcare real estate development, property management, brokerage and investment firm.

The MOB acquisition was also an excellent opportunity for the buyer, he says.

“The Dean Lakes Health building is anchored by a well-respected major health system and is the only multi-tenant, off-campus medical office building in Shakopee,” Mr. Davis says. “It is highly visible and conveniently located off Highway 169, in a growing, affluent part of the Twin Cities.”

Mr. Davis noted that there is a population of 107,849 residents with an estimated average household income of $141,425 within five miles of Dean Lakes Health.

Davis Principal Jill K. Rasmussen, CCIM, SIOR and Senior Associate | Brokerage Anne E. Madyun spearheaded the leasing effort, and Ms. Rasmussen represented the owner in the sale.

Contact Jill Rasmussen, CCIM, SIOR if you would like to discuss your medical building asset strategy at jrasmussen@davishre.com.

About Davis

Davis, founded in 1986, is a national healthcare real estate firm that offers unparalleled expertise in healthcare real estate development, property management, brokerage, investment and consulting services to health systems, hospitals, individual medical groups, specialty practices and other healthcare organizations. Over the past five years, the company has developed 33 Class A medical buildings totaling about $365 million in development costs and completed 47 investment transactions totaling more than $575 million. It has also negotiated more than 220 healthcare property leases totaling nearly 2 million square feet during that time. For more information, please visit www.davishre.com.

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