MINNEAPOLIS – Transwestern Real Estate Services (TRS) announces the sale of Maple Grove Executive Plaza to an entity linked to MSP Commercial, a real estate firm focused on developing, acquiring and managing healthcare properties in the Twin Cities. The asset, located at 7767 Elm Creek Boulevard N in Maple Grove, is a 58,000-square-foot medical office building within the Minneapolis-St. Paul metropolitan area. The seller, Merchant Development, LLC, was represented by Transwestern’s Managing Principal Mike Salmen, Senior Associate Erik Coglianese, and Vice President Bryan Beltrand. Beltrand also provides leasing services for the building.
“There is strong demand from medical tenants within Maple Grove,” said Salmen. “With limited space available in the area, Maple Grove Executive Plaza makes for a great investment opportunity for MSP Commercial. We’re thrilled to have facilitated the sale for our client, Merchant Development.”
Maple Grove Executive Plaza’s tenants include Children’s Minnesota Specialty Center, iSpine Clinics, and Edina Realty. Its convenient location adjacent to I-94 and I-494 offers building signage opportunities with visibility along I-94. The building is currently 92% occupied, with 66% of the tenants in the medical field.
“MOBs have been the exception to larger office market trends,” said Coglianese. “Investor demand remains high for this asset class as fundamentals for medical office both nationally and locally are exceptionally strong.”
MSP Commercial was attracted to this asset in part due to its familiar tenant mix, as many are currently leasing in other MSP-managed properties.
“We’re excited to add this building to our growing healthcare real estate portfolio. Our property and project management teams are hitting the ground running by creating a strategic plan to improve the property, thus increasing the asset’s value,” said Steve Miller, Development & Acquisitions at MSP Commercial.
MSP is planning capital improvements and extensive renovations to the building, including updating the common areas. They also plan to prioritize bringing additional medical tenants to the building.
Photo available for download here.
About Transwestern Real Estate Services
Part of the Transwestern companies, Transwestern Real Estate Services (TRS) strives to add value for investors, owners and occupiers across all commercial property types. Fueled by a holistic perspective of the real estate life cycle, agility and creativity are hallmarks of our approach, while vast national resources and sound market intelligence underpin customized recommendations and property solutions.
Four dynamic, integrated companies make up the Transwestern enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Clients and investors rely on us for expertise that spans institutional and opportunistic investment, development, hospitality, and brokerage and asset services. Our award-winning, collaborative culture empowers team members with resources and independence to work across boundaries in pursuit of innovative solutions, reinforcing a reputation for service excellence that translates to measurable results. Through offices nationwide and alliance partners around the globe, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at transwestern.com and @Transwestern.
Media Contact:
Mallory Martin
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mallory.martin@transwestern.com
twmediarelations@transwestern.com
