Minneapolis-based developer Davis and several healthcare provider tenants celebrated the grand-opening of the 78,000-square-foot Xchange medical building in St. Louis Park, Minnesota.
The new Class-A medical office building at 6099 Wayzata Blvd. marks the culmination of six years of effort, according to Mark Davis, Founder and Principal of the national healthcare real estate development, investment, brokerage and property management firm.
Ear Nose & Throat Specialty Care and Surgical Specialty Center of Minnesota are anchoring the three-story facility. Together, ENTSC and Surgical Specialty Center lease 60 percent of the building, with Surgical Specialty Center leasing the entire 27,000-square-foot third floor and ENTSC occupying most of the second floor. OVO Lasik + Lens ophthalmology clinic and surgery center occupies a portion of the first floor. Retina Consultants of Minnesota occupies the remaining space on first and second floors.
Davis said his firm faced a number of challenges during the development process. This included dealing with a cell tower on one of the parcels, an oddly placed billboard, the relocation of a tenant with a long-term lease and stringent city design and environmental requirements. Davis also did extensive patient and demographic profiling to verify that the Xchange site was the best location for ENTSC’s clinic consolidation. It then structured the lease proposal and worked with ENTSC to optimize the clinic design so the new space could be leased at a favorable cost structure.
Today, the new Xchange medical building is in a highly visible, sought-after location, just west of Highway 100 on the south side of Interstate Highway 394. The building is centrally and conveniently located, and easily accessible. It’s also within walking distance of a variety of restaurants, retail and entertainment establishments. In addition, the area has strong demographics and more than 1 million people live within a 10-mile radius of the MOB, according to Mr. Davis.
The project includes a covered patient drop-off, a healing garden and a total of 324 parking spaces, including 51 underground and 273 surface spaces. The project features an attractive and highly functional design, high-quality materials and extensive landscaping.
