The joint-venture equity fund established by USAA Real Estate and HSA PrimeCare, the national healthcare real estate division of Chicago-based HSA Commercial Real Estate, today announced the acquisition of a 45,722-square-foot medical office building in Plymouth, Minn. The building is well-situated in the prominent western suburb of Minneapolis, within Plymouth’s City Center, which features abundant community amenities including an ice-skating area, Lifetime Fitness, a movie theater, and other shops, restaurants and public services.
Built in 2014, the Class A medical building is anchored by North Clinic, a large, independent physician group that occupies the full first floor. With five locations and over 80 physicians, North Clinic is a leading primary care and women’s healthcare services provider in the market. Institute for Athletic Medicine, a joint venture between North Memorial Health and Fairview Hospital, is another premier medical provider in the building. Institute for Athletic Medicine offers orthopedic and sports rehabilitation services.
“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. “We’re looking forward to partnering with local healthcare providers and further expanding HSA PrimeCare’s healthcare real estate services into the Minneapolis market.”
HSA PrimeCare and USAA Real Estate announced the formation of its joint-venture equity fund in 2016. It is positioned to acquire and develop a broad range of healthcare facilities across an 11-state territory in the Midwest.
“Alongside our partner, HSA PrimeCare, we are proud to expand our portfolio in alliance with leading health systems and private practice providers in the region,” commented Len O’Donnell, president and chief executive officer of USAA Real Estate. “This acquisition is another representation of our ongoing strategy to capitalize on emerging opportunities in the healthcare industry.”
HSA PrimeCare will be jointly managing the building with Minneapolis-based Frauenshuh Commercial Real Estate. Brian Bruggeman and Louis Suarez of Colliers International will be retained for leasing.
David Berglund of Colliers International represented the seller of the building.