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Transwestern Brokers Sale of the Twin Cities MOB
Transwestern Real Estate Services (TRS) announced the sale of Maple Grove Executive Plaza to an entity linked to MSP Commercial, a real estate firm focused on developing, acquiring and managing healthcare properties in the Twin Cities.
The asset, located at 7767 Elm Creek Boulevard N in Maple Grove, is a 58,000-square-foot medical office building within the Minneapolis-St. Paul metropolitan area. The seller, Merchant Development, LLC, was represented by Transwestern’s Managing Principal Mike Salmen, Senior Associate Erik Coglianese, and Vice President Bryan Beltrand. Beltrand also provides leasing services for the building.
“Investor demand remains high for this asset class as fundamentals for medical office both nationally and locally are exceptionally strong,” said Coglianese. The building is currently 92% occupied, with 66% of the tenants in the medical field. MSP is planning capital improvements and extensive renovations to the building, including updating the common areas. They also plan to prioritize bringing additional medical tenants to the building.
