
Infill MOB Fetches $15M in St. Paul
CBRE arranged the sale of University Crossing, an 84,150-square-foot medical office and industrial technology property at 2200 University Ave. W in St. Paul, MN. Essjay Investments sold the property to Capital Partners LLP for $14,800,000.
The CBRE Minneapolis Institutional Properties team of Judd Welliver, Sonja Dusil, Ryan Watts, Bentley Smith, and Tom Holtz represented Essjay.
Built in 1990, the fully leased University Crossing is in the Midway area of St. Paul between the University of Minnesota and the St. Paul CBD. The property is 85% comprised of office/tech finishes.
“The sale of University Crossing is a great example of an asset that checked all the boxes for investors at an infill location featuring sticky, covid resistant tenants,” said Smith. “These factors contributed to set a new high-water mark for price per square foot for industrial tech assets.”
- ◦Sale/Acquisition