Forte Real Estate Partner‘s principal Steve Brown advised EP Development LLC on a lease extension with EPPA and the related sale of the property at 3010 Denmark Ave. in Eagan, Minnesota, to MSP Commercial.
The property is a 12,592-square-foot stand-alone building and has been the home of an Urgency Room clinic staffed by EPPA physicians since 2012..
After a market analysis and evaluation of possible alternatives, it was determined that selling the property made the most sense strategically for both the shareholders of EP Development and EPPA as a physician organization.
To execute on this strategy, Brown partnered with Chris Bodnar, CBRE’s vice chairman and head of national healthcare capital markets, to assess the value and market the property to potential buyers locally, regionally and nationally.
Ultimately, Minneapolis-based MSP Commercial acquired the property for $4.6 million. MSP Owns more than 1.5 million square feet of healthcare properties across the United States.
