MINNEAPOLIS — Laurus Corp. has clinched its first Minneapolis-area property with the acquisition of Woodlake Centre, a 190,000-square-foot medical and professional services complex. The purchase price was not disclosed.
The center is located at 6625 Lyndale Ave. South in Richfield, just north of Bloomington. It is situated near the I-494, I-35 and the Twin Cities Crosstown Highway.
There are about 1,000 new residential units within walking distance of Woodlake Centre, many of which offer assisted-living and senior care services. Some of the largest headquarters in the area include United Health, Medtronic, 3M, Target and General Mills.
“Off-campus medical office vacancies in the Southwest submarket ended 2013 at 6.8 percent, and on-campus space at just a 3.4 percent vacancy rate,” says Austin Khan, Laurus’ CIO.
“Given the lack of available, high-quality space in the market, Woodlake Centre presents an incredible opportunity to continue to enhance the variety of medical and related specialties offered to the community in its centralized location.”
Notable tenants at Woodlake Centre include M&I Bank, Metro Dentalcare and Allina Medical Clinic. The complex also contains ground-floor retail space that is anchored by Houlihan's restaurant and bar.
Laurus plans to add a new café to the center, along with concierge services and enhanced parking via a multi-million-dollar upgrade plan.
“Our first acquisition in the Minneapolis market is a prime example of Laurus' ability to identify opportunistic assets in regional markets that display robust demand drivers and tremendous upside potential for our investors, and also create value for our tenants’ customers,” adds Jean Paul Szita, Laurus’ co-founder and CFO.
Colliers International handles Woodlake Centre’s leasing efforts.
Laurus Corp. is a Los Angeles-based real estate investment and development company that specializes in office, multifamily, and mixed-use properties, as well as hotels and resorts.
— Nellie Day