Nasseff Specialty Center Medical Building Sold to Allina Health

Nasseff Specialty Center, a medical complex located on the United Hospital, Minnesota campus in St. Paul, traded hands this week as Allina Health purchased the property. According to a Finance & Commerce article, the seller was Smith Avenue Realty Associates, a partnership that includes some of the physicians who worked in the building. While terms of the deal were not disclosed, Minneapolis / St. Paul Business Journal reported that Allina has been consolidating some the medical practices in the 119,199-square-foot building, at 225 N. Smith Ave. The seller was represented by the CBRE Institutional Group in Minneapolis led by Ryan Watts, Steven Buss and Tom Holtz.

Designed by KKE Architects, Inc., the 119,199 squarefoot Nasseff Specialty Center was built in 2005 at 215-225 Smith Avenue North. The Nasseff Specialty Center is home to some of the most sought-after medical specialists in the region, including United Vascular Clinic, United Heart & Vascular Clinic, St. Paul Lung Clinic, Minnesota Epilepsy Group, United Neurosurgery Associates, University of Minnesota Physicians , Pediatric Specialty Clinic – St. Paul, St. Paul Pulmonary Hypertension Clinic, and Midwest Ear, Nose & Throat Specialists.

For more news and information visit Blumberg Capital Partners.

The Arbors Office Park Sold for $12.75M

RexxHall Realty purchased a multi-building office park in South Florida from TA Associates for $12.75 million this month. Details of the sale were not disclosed, but it was noted that Stuart T. Kapp of Proskauer Rose LLP served as RexxHall’s legal counsel while CBRE’s Institutional Group and Private Capital Group represented the seller. The property sits at 1615, 1625 at 1690 S. Congress Avenue in Delray Beach and is currently 45% occupied with major tenants including Alfred Angelo, Sperry & Hutchinson, Twin-Star International and Escalate.

RexxHall’s Aaron Stauber told the Business Journal that the company thinks South Florida has matured significantly in the last two decades. The Arbors is a great opportunity because each of the buildings is different, and each has potential that has not been maximized, he said.

"RexxHall has significant opportunity for upside potential through the lease-up of the vacant space, which they are confident that they will be able to accomplish," said CBRE Vice Chairman Christian Lee in a statement. "They have a big capital budget and plan to renovate the buildings and implement an aggressive leasing program."

For more news and information visit Blumberg Capital Partners.