The Maple Grove Office Building has been 100% leased to St. Jude Medical, LLC for an eleven-year term. The lease is guaranteed by St. Jude Medical’s parent, Abbott Laboratories (NYSE: ABT), and will commence January 2020. St. Jude will take possession of the building to begin tenant improvement work in May 2019.
This Class A, state-of-the-art 97,388 SF suburban office building in Maple Grove, MN, a northwest suburb of Minneapolis, contains a rare combination of high-demand amenities such as building signage along Interstate 494, ten-foot ceilings, backup and uninterruptable power systems, on-site cafeteria, outdoor patio, twin truck-high loading docks, locker rooms & showers, data center facilities, and abundant parking. Developed by the Ryan Companies in 2005 as a build-to-suit for The Hartford Fire Insurance Company, the property was acquired by Westminster Realty Partners LP in April 2015 below replacement cost. MB Financial provides the mortgage financing.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.