The 78,000-square-foot, Class A facility is 100 percent leased to Ear Nose & Throat Specialty Care, Surgical Specialty Center of Minnesota, OVO Lasik + Lens ophthalmology clinic and Retina Consultants of Minnesota.
Developer Davis and healthcare provider tenants celebrated the grand opening of the Xchange medical building Dec. 8.
ST. LOUIS PARK and MINNEAPOLIS, Dec. 9, 2021 – Minneapolis-based developer Davis and several healthcare provider tenants celebrated the grand opening today of the 78,000-square-foot Xchange medical building in St. Louis Park.
The new Class A medical office building (MOB), located at 6099 Wayzata Blvd., marks the culmination of six years of effort, according to Mark Davis, Founder and Principal of the national healthcare real estate development, investment, brokerage and property management firm.
“Everyone at Davis is very excited about Xchange medical because it represents the manifestation of a vision we had back in 2015, when we first acquired the 4.58-acre site, says Mr. Davis. “But we didn’t begin planning the project until last fall when we engaged healthcare providers that wanted to locate to the building.
He continued, “Today we are pleased to complete this state-of-the-art healthcare facility designed by Synergy Architecture Studio and to have it 100 percent occupied by several leading, high quality healthcare providers.”
Ear Nose & Throat Specialty Care (ENTSC) and Surgical Specialty Center of Minnesota, are anchoring the three-story facility. Together, ENTSC and Surgical Specialty Center lease 60 percent of the building, with Surgical Specialty Center leasing the entire 27,000-square-foot third floor and ENTSC occupying most of the second floor. OVO Lasik + Lens ophthalmology clinic and surgery center occupies a portion of the first floor. Retina Consultants of Minnesota occupies the remaining space on first and second floors.
Mr. Davis said his firm faced a number of challenges during the development process. This included dealing with a cell tower on one of the parcels, an oddly placed billboard, the relocation of a tenant with a long-term lease, and stringent city design and environmental requirements. Davis also did extensive patient and demographic profiling to verify that the Xchange site was the best location for ENTSC’s clinic consolidation. It then structured the lease proposal and worked with ENTSC to optimize the clinic design so the new space could be leased at a favorable cost structure.
Today, the new Xchange medical building is in a highly visible, sought-after location, just west of Highway 100 on the south side of Interstate Highway 394. The building is centrally and conveniently located, and easily accessible. It’s also within walking distance of a variety of restaurants, retail and entertainment establishments. In addition, the area has strong demographics and more than 1 million people live within a 10-mile radius of the MOB, according to Mr. Davis.
The project includes a covered patient drop-off, a healing garden and a total of 324 parking spaces, including 51 underground and 273 surface spaces. The project features an attractive and highly functional design, high-quality materials and extensive landscaping.
Healthcare Real Estate Insights™ magazine recently named Xchange medical building as a finalist in its 2021 national HREI Insights Awards™, which recognizes excellence in healthcare real estate development and leadership. The MOB was honored in the “Best New Medical Office Buildings and Other Outpatient Facilities (50,000 to 99,999 square feet)” category.
Mr. Davis notes, “The site for our new MOB is in a very popular area with limited development sites available along I-394. We are very pleased to have developed such a desirable site and to bring prime medical office space to this high-demand area. I would also like to congratulate both Synergy Architecture Studio on the wonderful design and Timco Construction Inc. for the great job they did constructing the building.”
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. The company has developed 34 Class A medical buildings totaling $364-plus million in development costs and completed 47 investment transactions totaling more than $575 million. 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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