PLYMOUTH, MN—Harrison Street Real Estate Capital, through its Core Property Fund, has acquired the leasehold interest in the Abbot Northwestern – WestHealth medical campus here.
The complex, located along Interstate 494 at State Road 55, consists of three buildings with 200,000 sq. ft. Allina Health, the largest healthcare provider in the Twin Cities, leases a majority of the building with services that include Same Day Surgery Center, Imaging Center, Breast Center, Urgent Care, Emergency Department, Allina Medical Clinic, Sister Kenny, Minneapolis Heart Institute, Allina Pharmacy and Allina Medical Labs.
“We are excited to acquire such a premier quality medical campus that represents the next generation of health care delivery,” said Mark Burkemper, vice president of Harrison Street, in a statement.“With the strong, long-term commitment from Allina Health to the building, the purchase furthers our mission of acquiring strategically significant medical office properties anchored by top health systems.”
The fund, which was launched in December 2011, continues the firm’s focus on investments in the demographically driven sectors of education, health care and storage real estate, Burkemper said. The core fund, which compliments the HSRE opportunistic fund series, now owns 20 assets with a gross real estate value of approximately $800 million.