News Release
The Minneapolis-based healthcare real estate developer will replace a former office building in the downtown area with a state-of-the-art, Class A healthcare facility
The new medical facility in downtown Wayzata, Minn., is expected to be completed August of 2022.
WAYZATA and MINNEAPOLIS, Minn., Sept. 15, 2021 – Officials from Minneapolis-based Davis held a groundbreaking ceremony Sept. 14 to begin construction of a 16,147 square foot Class A medical office building (MOB) in Wayzata, a western suburb of Minneapolis.
Mark Davis, Founder and Principal of Davis, says his firm’s executives decided to acquire the site and building at 1120 E. Wayzata Blvd. because they believed it would offer a number of benefits to healthcare provider tenants.
“The Wayzata Specialty Center is in an excellent downtown Wayzata location near housing and many retail and restaurant options,” says Mr. Davis of the national healthcare real estate development, property management, brokerage and investment firm.
He adds, “It also has great access and visibility from Wayzata Boulevard, ample parking space and it’s in a growing, affluent market. We believed it will make an excellent medical office building.”
Officials from healthcare real estate developer Davis participated in a groundbreaking ceremony for the Wayzata Specialty Center.
Mr. Davis notes that there is a population of 111,295
residents with an estimated average household income of $145,643 within five miles of the MOB.
To date, Tailwind Pediatric Dentistry and Lorenz Clinic, a family psychotherapy practice, have signed leases, filling the entire second floor of the two-story building.
Mr. Davis said the development team expects to complete the building by August 2022. Davis will provide property management and leasing services.
The architect for the project is Synergy Architecture Studio, Minneapolis, and the general contractor is Timco Construction, Plymouth, Minn.
The first floor remains available for lease in the Wayzata Specialty Center. Interested healthcare providers are encouraged to contact Jill Rasmussen at jrasmussen@davishre.com or 612-341-3247.
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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News Media Contact: Vickie Ridgley, 612-383-2717, vridgley@davishre.com
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