Davis Expands Minneapolis MOB Portfolio – What is a Ground Lease?
Development, Health Care, Medical Office, Midwest, Minneapolis-St Paul, News, Davis Healthcare Real Estate
Davis Healthcare Real Estate has completed Maple Grove Specialty Center, a 44,000-square-foot medical office building in Maple Grove, Minn. The Class A property is fully leased.
Timco Construction acted as general contractor, while Minneapolis-based Architecture Studio was project architect. Davis provides property management and leasing services.
Davis first announced the development of the health-care facility in June 2021. The project broke ground two months later. The two-story building sits on 4.2 acres on the southern end of the 8.1-acre site. The remaining acreage will be used for future retail and office space on the northern side of the property.
The property is close to the intersection of Highway 610 and Maple Grove Parkway at 105th Ave. and Niagara Lane, 20 miles from downtown Minneapolis. The medical facility is anchored by MNGI Digestive, which occupies the second floor, while Minnesota Oncology leases the entire first floor of the property. Other medical service providers in the surrounding area include North Memorial Health Clinic, Grove Circle Medical and Allina Health Maple Grove Clinic, among others.
Davis Healthcare Real Estate has completed 36 Class A medical office buildings, with combined development costs of those properties exceeding $444 million. The company has completed 57 investment transactions totaling $726 million. In the last two years, Davis expanded its Minneapolis portfolio with the acquisition of a 42,467-square-foot facility in Woodbury, Minn., and opened Xchange Medical, a 78,000-square-foot medical center in St. Louis Park, Minn.
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The 44,000-square-foot facility is fully occupied.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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