5/1/2008

Grubb & Ellis acquires St.Paul's Fort Road Medical Building

by
Grubb & Ellis Realty Investors, on behalf of its Healthcare REIT, has purchased the Fort Road Medical Building in St.Paul, Minn., from Fort Road Associates, LP.

The firm financed the acquisition with a secured loan of $5.8 million from LaSalle Bank and $3 million in borrowings under a secured revolving line of credit with LaSalle and KeyBank National Association.

The seller was represented in the transaction by Mark Davis of Davis Real Estate Services Group, LLC.

The four-story building is located at 310 Smith Avenue North within the United Hospital and Children's Hospital and Clinics of Minnesota. Built in 1981, it contains 50,000 square feet and is currently 90 percent leased. The building is also connected to Irvine Park Towers and Condominiums.

Address: 310 Smith Ave. N, St.Paul, Minn.

Size: 50,000 square feet

Built: 1981

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Filed Under: Office

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