Three-building suburban Minneapolis assets last sold for $58 million in 2013
By Murray W. Wolf
Davis acquired the three-building, 210,000 square foot WestHealth complex in suburban Minneapolis for $70 million. (Photo courtesy of Davis)
Davis has acquired the three-building, 201,000 square foot WestHealth medical outpatient building (MOB) complex in suburban Minneapolis for $72 million, or nearly $360 per square foot (PSF). The connected “Class A” facilities are located at the northeast corner of the intersection of Interstate 494 and U.S. Highway 55 in the northwestern suburb of Plymouth.
The seller was not disclosed, but a check of RevistaMed data indicates that the previous owners were partnerships affiliated with the Chicago-based real estate investment management firm Harrison Street, which acquired the complex from Allina Health for $58 million, or $289 PSF, in a 2013 sale-leaseback deal.
The complex, which was 96 percent occupied at the time of the closing, is anchored by Minneapolis-based Allina, which leases about 146,000 square feet, or 73 percent, of the space.
The properties comprise:
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