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Just Sold: MSP breaks ground on Allina Health clinic

Just Sold: MSP breaks ground on Allina Health clinic

By: Anne Bretts August 13, 20147:04 am0

Editor’s note: “Just Sold” is a Finance & Commerce feature based on certificates of real estate value (CRVs) recently filed for commercial transactions and significant residential transactions in Hennepin, Ramsey and Anoka counties as well as in counties using the state’s eCRV system. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State’s Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded; precise purchase prices are listed on the CRVs, available here.

Eagan-based MSP Commercial recently broke ground on a new building next door to the 30-year-old Allina Health clinic at 11269 Jefferson Highway in Champlin. MSP has acquired the site and plans to demolish the old building when the new one opens in 2015. (Submitted photo: Allina Health)

Eagan-based MSP Commercial recently broke ground on a new building next door to the 30-year-old Allina Health clinic at 11269 Jefferson Highway in Champlin. MSP has acquired the site and plans to demolish the old building when the new one opens in 2015. (Submitted photo: Allina Health)

11269 Jefferson Highway, Champlin

Eagan-based MSP Commercial and Minneapolis-based Allina Health have broken ground on a new 26,000-square-foot clinic in Champlin, with completion set for second quarter 2015.

As part of the estimated $8 million development, MSP/Champlin LLC, an MSP entity, closed July 29 on a $1.6 million deal with Allina to purchase its 30-year-old clinic and 5.5 acres at 11269 Jefferson Highway N. MSP will lease to Allina during construction, then lease the new building to Allina, demolish the old building and redevelop that site. “We were blessed with a site that was twice as large as they needed,” said Alex Young, senior vice president at MSP. The clinic is in the southwest quadrant Elm Creek Parkway and Hwy. 169. Edina-based BDH & Young designed the new building and RJM Construction of Minneapolis is the general contractor.

The current 15,333-square-foot clinic, which was built in 1981, includes primary care, urgent care, pediatrics, obstetrics and gynecology, internal medicine, optical service and physical therapy in a two-floor building, according to an Allina description of the site. The new clinic will be on one level and will add space for the Courage Kenny Rehabilitation Institute, a larger urgent care area and two additional providers for mental health and family medicine.

Purchase price: $1.6 million cash, with $1.37 million down and a new mortgage

Price per square foot: $104.35

Property ID: 31-120-21-31-0005/0012

Date of deed: 7-29-14

ECRV released: 8-6-14

2785-2795 Highway 55, Eagan (Submitted photo: CoStar)

2785-2795 Highway 55, Eagan (Submitted photo: CoStar)

2785-2795 Highway 55, Eagan

Description: McKee Building, 198,600-square-foot Class C industrial warehouse, built in 1964

Buyer: 2795 Hwy 55 LLC, an entity related to Eagan-based DART Advantage Warehousing Inc., part of the network of DART companies.

Seller: IRET Properties, Minot, N.D.

Purchase price: $3.6 million cash

Price per square foot: $18.13

The transaction: Minot, N.D.-based Investors Real Estate Trust (IRET) has sold a 198,600-square-foot warehouse at 2785-2795 Highway 55 in Eagan for $3.6 million in a cash deal with an entity registered to the offices of of Eagan-based DART Transit Co., a network of related companies offering trucking, logistics and warehousing services.

DART Advantage Warehousing owns more than one million square feet of warehouse space in Eagan and in Buford, Georgia, according to DART’s website. The Eagan properties include warehouses at 2811 and 2755 Highway 55.

Last sale: N/A

Property ID: 10-53320-00-071/082

Date of deed: 7-16-14

ECRV released: 8-8-14

9940 Hamilton Road, Eden Prairie (Submitted photo: CoStar)

9940 Hamilton Road, Eden Prairie (Submitted photo: CoStar)

9940 Hamilton Road, Eden Prairie

Description:20,610-square-foot Class C industrial manufacturing building, built in 1979 on 1.29 acres

Buyer: Ocean Holdings LLC, an entity related to OT Hardware, Eden Prairie

Seller: Outlook Properties LLC, Eden Prairie

Purchase price: $1.15 million, with no down payment and new mortgage

Price per square foot: $55.80

The transaction: The owner and tenant who have been sharing a 20,610-square-foot building at 9940 Hamilton Road in Eden Prairie have reversed their roles.

Ocean Holdings LLC, an entity related to OT Hardware, which had been leasing about 7,000 square feet in the building, has paid $1.15 million to buy it from Outlook Properties LLC, an entity related to Enhanced Home Systems, which has used the rest of the space.

OT Hardware buys and sells information technology equipment and offers repair, security and logistics services.

The July 18 deal between neighbors came together after the building had been listed, said Nick Leviton, associate at the Minnetonka office of Colliers International, who handled the listing with Jeff Jiovanazzo, Colliers vice president.

“There was never shortage of people interested in the building,” Leviton said. Ocean Holdings The catch was that Enhanced Home Systems’ business was evolving from installing high-end home audio and sound systems to integrating security systems, energy efficient lighting, solar power and other services. With the business in flux, the seller needed to decide how much space he needed to keep and whether he should continue to own or sell, Leviton said.

In the deal that closed July 18, Ocean Holdings will increase its space gradually while the two neighbors work out their long-term needs, said Leviton said.

Last sale: The seller paid $1.03 million in 2004

Property ID: 01-116-22-41-0020

Date of deed: 7-18-14

ECRV released: 8-11-14

 

*POSTED FROM FINANCE AND COMMERCE- http://finance-commerce.com/2014/08/just-sold-msp-breaks-ground-on-allina-health-clinic/

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