Transwestern Brokers $8M Sale of Medical Office Building in Maple Grove, Minnesota

MAPLE GROVE, MINN. — Transwestern Real Estate Services has brokered the $8 million sale of Maple Grove Executive Plaza, a 58,000-square-foot medical office building in the Minneapolis suburb of Maple Grove. The property at 7767 Elm Creek Blvd. is home to Children’s Minnesota Specialty Center, iSpine Clinics and Edina Realty. The building is 92 percent occupied, and 66 percent of the tenants are in the medical field. Mike Salmen, Erik Coglianese and Bryan Beltrand of Transwestern represented the seller, Merchant Development LLC. The buyer was an entity linked to MSP Commercial, a real estate firm focused on developing, acquiring and managing healthcare properties in the Twin Cities. MSP is planning capital improvements and extensive renovations to the building, including updating the common areas. The firm plans to prioritize bringing additional medical tenants to the building.