By Ariela Moraru
A joint venture equity fund established by USAA Real Estate and HSA PrimeCare in 2016 acquired a medical office building in Plymouth, Minn., for $11.9 million, according to Finance and Commerce. Colliers International represented the seller of the 45,722-square-foot building and will be spearheading leasing efforts. HSA PrimeCare will be jointly managing the building, along with Minneapolis-based Frauenshuh Commercial Real Estate.
Located at 15655 37th Ave. N., 15 miles west of downtown Minneapolis, the Class A building’s anchor tenant is North Clinic, a provider of primary care and women’s health care services that occupies the full first floor. Built in 2014, the property also houses the Institute for Athletic Medicine, a joint venture between North Memorial Health and Fairview Hospital, which offers orthopedic and sports rehabilitation services. The asset is centrally located, close to abundant community amenities including an ice-skating area, Lifetime Fitness, a movie theater and several shops, restaurants and public services. The property has easy access to Interstate 494 and Highway 55.
“This building and location are highly strategic for North Clinic and offer prospective tenants new, high-quality medical office space near the leading primary care provider in the market,” said Jon Boley, senior vice president of acquisitions and development at HSA PrimeCare, in prepared remarks.
Image courtesy of HSA PrimeCare