Laurus Corp., a U.S.-based private real estate investment and development firm, has announced its first acquisition in the Minneapolis area with the acquisition of Woodlake Centre.
According to a release, the 190,000 square foot complex is a high profile destination for medical and professional services in Richfield, one of the metro area's key inner-ring suburbs. The building offers premium amenities including conference facilities, skylit atrium, heated and structured parking, bank branch and full- service restaurant and bar.
Conveniently located close to interchanges for I-494, I-35 and the Twin Cities Crosstown Highway, Woodlake is an ideal location for health service professionals and supporting industries. More than 1,000 new residential units are within walking distance of Woodlake Centre, with many of those complexes catering to active adult living and senior care. The complex's ground floor retail is anchored by Houlihan's, a popular neighborhood gathering spot serving lunch and dinner seven days a week. The Southdale Centre and Galleria Edina malls are less than two miles from the property and feature over 180 stores and dining destinations. Additionally, the 4.2 million square foot Mall of America and Minneapolis-St. Paul International airport are just ten minutes from Woodlake Centre.
"Laurus will implement a multi-million dollar upgrade plan to add new amenities to the building, including a cafe, concierge services and enhanced parking," said Jean Paul Szita, Co-founder and Chief Financial Officer of Laurus Corp. "Our first acquisition in the Minneapolis market is a prime example of Laurus' ability to identify opportunistic assets in regional markets that display robust demand drivers and tremendous upside potential for our investors; and also create value for our tenant's customers."
With a population of 3.5 million, Minneapolis is the 16th largest metropolitan area in the U.S. It serves as headquarters to 19 Fortune 500 companies, including United Health, Medtronic, 3M, Target and General Mills. At just 4.3 percent, this market boasts the lowest unemployment rate in the U.S. among metropolitan areas with more than one million in population.
"Off-campus medical office vacancies in the Southwest submarket ended 2013 at 6.8 percent, and on-campus space at just a 3.4 percent vacancy rate," added Austin Khan, Chief Investment Officer of Laurus Corp. "Given the lack of available high-quality space in the market, Woodlake Centre presents an incredible opportunity to continue to enhance the variety of medical and related specialties offered to the community in its centralized location."
Minneapolis has consistently ranked among Forbes top markets for business over several years. The combination of a highly-educated population and diverse, stable economy correlates with projections for the city to be among the fastest growing metro areas in the U.S. over the next 20 years.
Woodlake Centre is located at 6625 Lyndale Avenue South, Richfield, MN 55423.
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