Hempel Real Estate acquired a nearly 80,000-square-foot medical laboratory property at 6464 Sycamore Lane in Maple Grove, Minnesota, in a transaction valued at $7.1 million.
Outfitted with multiple clean rooms and laboratory spaces, the building represents a rare and highly desirable asset type in today’s market. The property was purchased from Teleflex, a global medical device manufacturer.
Teleflex, which has operated in the building, will remain in place through next spring as it adjusts operations across its portfolio. Teleflex will continue to operate in an immediately adjacent property they own.
Hempel Real Estate has signed a long-term lease with Laborie Medical Technologies Corp., a leading medical device manufacturer, to occupy the property following Teleflex’s departure. The site will support Laborie’s mission to improve patient outcomes through its portfolio of industry-leading solutions in gastroenterology, maternal health, and urology, including Optilume® Drug Coated Balloon for Stricture and Optilume® BPH Catheter System.
Mike Bowen and Matt Oelschlager of CBRE facilitated the lease negotiations. Harrison Wagenseil and Ryan Watts of CBRE represented Teleflex in the sale.
