CBRE Arranges Minneapolis-Area MOB Sale
- Nov 17, 2020
CBRE U.S. Healthcare and Life Sciences has brokered the sale of Mercy Healthcare Center, a 91,767-square-foot medical office building in Coon Rapids, Minn. Chris Bodnar, Lee Asher, Ryan Lindsley, Jordan Selbiger, Sabrina Solomiany and Zack Holderman, together with Ryan Watts and Sonja Dusil, represented the seller. According to Yardi Matrix data, The Excelsior Group sold the Class A asset after four years of ownership.
Completed in 1977, the facility occupies more than 4 acres at 3960 Coon Rapids Blvd. NW, within Allina’s Mercy Hospital campus. The four-story building underwent major renovations between 2012 and 2014, when The Excelsior Group invested more than $6 million to upgrade common areas, the HVAC system and the elevators, among others.
Anchored by Allina Health System and DaVita Dialysis, the property was roughly 70 percent occupied at the time of sale, according to CBRE. The tenant roster also includes ENT Specialty Care, Handi Medical Supply and Winkley Orthopedics.
Located some 17 miles north of Minneapolis, the property is 4 miles west of downtown Coon Rapids, just north of the Mississippi River. Various shopping and dining amenities are within a 2-mile radius.
In early November, CBRE’s Bodnar and Asher assisted The Sanders Trust and Harrison Street in the $240 million sale of an 11-property portfolio encompassing medical office buildings and inpatient rehabilitation facilities. The collection of assets totaling 474,100 square feet is located across Texas, Ohio, Maryland, Georgia, Mississippi and Iowa.