OP4 Coon Rapids, LLC in late March signed three 10-year leases with Allina Health System at its Mercy Medical Office building in Coon Rapids, Minnesota, for about 40,000 square feet of space.
Excelsior Group manages the building, which is located on the Mercy Hospital campus in Coon Rapids.
The deal came together thanks to the collaborative efforts of three Excelsior Group teams: acquisitions and asset management, real estate advisory and commercial property services.
The acquisitions and asset management team manages the investment fund that owns the property, and is represented by the real estate advisory team, which serves as the building’s listing agent. This team spearheaded the lease negotiations. The commercial property services team, which manages the building, provided operational insight during the lease negotiation.
“This deal really speaks to the power of the platform and the Excelsior Group’s collaborative, team-first approach,” said Tom Sawatske, vice president of acquisitions and asset management. “Have all of these resources under one roof was key to facilitating a smooth transition.”