Minneapolis-St. Paul – April 9, 2025 – CBRE facilitated the sale of Grove Health Medical Center, a 40,775-square-foot medical outpatient building (MOB) located at 9550 Upland Lane North, Maple Grove, Minneapolis to Invesco Real Estate, the $87.9 billion USD global real estate investment business of Invesco Ltd. (NYSE: IVZ), on March 21, 2025.
Chris Bodnar, Brannan Knott, Mindy Berman, Zack Holderman, Cole Reethof, Trent Jemmett and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Ryan Watts of CBRE’s Minneapolis Institutional Properties Group, along with Steve Brown of Forte Real Estate Partners, to act as the exclusive advisors to the seller.
The Class A MOB is in the highly sought-after Maple Grove sub-market of the Minneapolis-Saint Paul metro. Completed in 2007 by Ryan Companies US, Inc, the property has been 100% occupied since completion and is located next to one of America’s top performing hospitals, Maple Grove Hospital, and adjacent to the developing Minnesota Health Village project. Grove Health Medical Center is fully leased to two tenants: Gillette Children’s Hospital & Clinics, and Obstetrics, Gynecology and Infertility (OGI).
“This is a high-quality asset located in a highly affluent submarket,” said Bodnar, CBRE’s Vice Chairman of the U.S. Healthcare Capital Markets practice. “The combination of strong credit tenancy and superior patient demographics made this an ideal investment for institutional capital.”
Situated at the confluence of Maple Grove Parkway and I-94, and less than a mile from the I-94 and Hwy 610 intersection, Grove Health Medical Center provides physicians and patients with superior access and drive-by visibility to the region’s main thoroughfares, offering an average vehicle per day count of 117,000 and serving a population of over 100,000 within a five-mile radius.
The purchaser, Invesco Real Estate, is a global real estate investment management business with $87.9 billion in real estate assets under management, 606 employees and 21 regional offices across the U.S., Europe and Asia as of September 30, 2024. Invesco Real Estate invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
