Mark Davis Acquires WestHealth Outpatient Medical Center In Plymouth Minnesota For $72 Million

The transaction involved the sale of a medical office property located at 2805, 2855 & 3005 Campus Drive, Minneapolis, MN, for a total consideration of $72,000,000. The asset encompasses approximately 201,000 square feet and is primarily occupied by Allina Health, which accounts for around 73% of the overall space. The campus consists of two outpatient buildings, an ambulatory surgical center, and an emergency/urgent care facility, with an occupancy rate of 96% at the time of the sale.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: $72,000,000
• Buyer: Mark Davis - Davis
• Seller: Ben Mohns - Harrison Street Real Estate Capital
• Brokers: Brannan Knott, Christopher Bodnar, Cole Reethof, Ryan Watts, Trent Jemmett, Zack Holderman & Jesse Greshin - CBRE; Steve Brown - Forte Real Estate Partners
• Mortgage Brokers: Eric Gundersen - Alerus Financial; Healthpeak
• Square Footage: 201,000
• Price Per Square Foot: $358

Mark Davis represented Davis in the acquisition, while Ben Mohns represented Harrison Street Real Estate Capital in the sale. The brokers involved brought diverse expertise, facilitating the transaction in a competitive medical office market. The involvement of several key brokers and mortgage brokers underscores the complexity and significance of this comprehensive deal.