Transwestern Real Estate Services (TRS) has recently announced the sale of Maple Grove Executive Plaza, a 58,000-square-foot medical office building located at 7767 Elm Creek Boulevard N in Maple Grove. The property was sold to an entity linked to MSP Commercial, a real estate firm specializing in healthcare properties within the Minneapolis-St. Paul metropolitan area.
The seller, Merchant Development LLC, was represented by Transwestern’s Managing Principal Mike Salmen and Senior Associate Erik Coglianese along with Vice President Bryan Beltrand who also provides leasing services for the building. According to Coglianese, there is high demand from investors for this asset class due to strong national and local fundamentals in the medical office market.
Currently occupied at 92%, with two-thirds of tenants being medical professionals,the new owners plan on making capital improvements and extensive renovations including updating common areas. Their focus will be on attracting more medical tenants to further enhance this already thriving property.
This recent transaction marks another successful deal for TRS as they continue their expertise in brokering sales within key markets across the country.
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