Allina Health Acquires Medical Office Building In Minneapolis For $14.5 Million From HCP Medical Office Buildings II LLC

The asset involved in the transaction is a medical office located at 920 East 28th Street, Minneapolis, MN. This Class B, seven-story facility encompasses a total area of 76,499 square feet and was sold for $14,500,000. The property is currently leased to Allina Health, ensuring its continued medical and administrative usage within the hospital campus. The price per square foot for this transaction is $190.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: $14,500,000
• Buyer: Allina Health
• Seller: HCP Medical Office Buildings II LLC
• Broker: Brian Bruggeman - Colliers
• Square Footage: 76,499
• Price Per Square Foot: $190

Allina Health, a leading healthcare provider, acquired the property from HCP Medical Office Buildings II LLC, which is an affiliate of Healthpeak Properties. This acquisition secures Allina Health's long-term operational presence next to Abbott Northwestern Hospital, with the facility already under lease to them prior to this transaction.