Virtus Real Estate Capital (“Virtus”), a leading asset manager of alternative real estate property types, and its partner, Ryan Companies, today announced the acquisition of Woodlake Centre (“Woodlake”), a hybrid medical office and traditional office property in Richfield, MN.
AUSTIN, Texas – Virtus Real Estate Capital (“Virtus”), a leading asset manager of alternative real estate property types, and its partner, Ryan Companies, today announced the acquisition of Woodlake Centre (“Woodlake”), a hybrid medical office and traditional office property in Richfield, MN. The partnership plans to focus its efforts on repositioning the asset as a pure play medical office building, which will be managed by Ryan Companies Real Estate Management Services (“REM”).
Woodlake is a unique property with both medical and traditional office tenants, consisting of three connected buildings and adjacent parking structure in Richfield, MN. Richfield is a dense suburb in south Minneapolis, the 16th largest Metro in the US, that has demonstrated historically high demand for medical services and is close to one of the top hospitals in the area, Fairview Southdale. The property has attracted several new medical tenants since undergoing a significant renovation and repositioning in recent years.
The deal is a joint venture between Virtus and Ryan Companies, a nationally recognized healthcare developer based in Minneapolis that is intimately familiar with the local healthcare market. The partnership plans to upgrade the physical plant of the property, incorporating cosmetic renovations geared toward healthcare tenants, and implement a more effective healthcare tenant leasing strategy.
“We are extremely excited about this particular acquisition. The Minneapolis market continues to have strong healthcare demand, and we believe we found a prime asset with potential for us to create value by positioning the building specifically for healthcare tenants,” said Matt Withey, Virtus Director, Healthcare Acquisitions. “We are thrilled to be working with Ryan Companies on the project and believe our combined companies’ track record and expertise in healthcare real estate will help us execute our business plan to turn the asset into a high-quality institutional medical office.”
“The prominent location and Richfield’s growth have already attracted some great medical providers to the property including Allina Health and Metro Dentalcare,” said Mike Maney, Senior Vice President of Acquisitions and Asset Management at Ryan Companies. “We’re excited to partner with Virtus on this investment and look forward to bringing additional medical services to the community of Richfield.”
About Virtus
Virtus Real Estate Capital, founded in 2003, brings thoughtful stewardship to the practice of real estate investment, delivering non-correlated alpha via cycle-resilient real estate. Over the last 15 years, Virtus has acquired 227 properties for a combined acquisition value of over $3.6 billion and has fully realized 172 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit www.virtusre.com.
About Ryan Companies US, Inc.
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, architect, capital investment consultant, builder and real estate manager with a focus on bringing lasting value to its customers and the communities in which it works. Ryan market depth includes retail, industrial, healthcare and senior living. Ryan development and corporate build-to-suit work spans a wide range of product types including office, mixed-use, hospitality, multifamily housing and mission critical facilities. Ryan has nearly 1,300 employees in 16 offices and has completed projects in 39 states. For more information, visit www.ryancompanies.com.
###
Contacts
Mrs. Brooke Akins
bakins@virtusre.com
Disclaimer
This communication is not an offer of any security nor the solicitation of an offer to purchase any security.
You May Also Like
-
-
January 8, 2024Virtus Presents: The 2024 U.S. Real Estate Outlook
It has been many years since there has been a more dramatic change in commercial real estate ("CRE") markets. The unprecedented interest rate increases from the Great Tightening have had …Read More -
January 31, 20232023 U.S. Real Estate Outlook
Virtus Presents: The 2023 U.S. Real Estate Outlook It’s been many years since there has been a more dramatic change in commercial real estate markets. The unprecedented…Read More -
December 12, 2022New Gateways for a New World
Recent years have seen immense investment interest in rapidly growing markets outside the general Tier-I “Gateway” commercial real estate markets. However, with a climate of renewed uncertainty and In this whitepaper, Virtus explores the case for a new class of markets that have benefited from patterns in demographic growth, regulatory policy, and technological advancement over a much longer…Read More -
November 16, 2022Virtus Real Estate Capital and Almanac Realty Investors Announce Strategic Minority Investment
Transaction marks the second minority GP stakes investment from a fund managed by Almanac and will support Virtus’ continued growth…Read More -
May 31, 2022The Effects of Climate Change on Real Estate Investments
The impact of climate change on commercial real estate markets has long been underappreciated due to the pervasiveness and time distance of expected effects. However, that sentiment is beginning to…Read More -
May 16, 2022The Rising Popularity of Alternative Asset Classes in Core Portfolios (Alts on the Rise)
Despite challenges in accounting for returns and benchmarking performance, alternative asset classes offer defensive or yield-oriented core strategies associated with large institutions along with lower macroeconomic and real estate…Read More -
January 13, 20222022 U.S. Real Estate Outlook
2022—The best of times and the worst of times Like many of you, we welcome the arrival of 2022. But, despite the euphoric backdrop of most asset classes, pervasive…Read More -
November 16, 2021The Current State of Disruptive Construction Technologies
Despite skyrocketing costs in traditional construction, advances in construction technology has been relatively muted for several decades compared to other crucial sectors. However, the current moment shows evidence for both In this whitepaper, we help the reader make sense of this evolving landscape, tracing the current state of “new best practice,” and the most likely trajectory future construction will take A few key takeaways - Conventional “modular” construction techniques will continue growing and improving, but their fundamental limits remain. - The current moment is one of rapidly proliferating tech solutions across all - Building technology will provide a competitive edge for individual firms or strategies, but will not solve housing affordability alone. Read the paper here. About Virtus Virtus Real Estate Capital, founded…Read More -
June 21, 2021Virtus Real Estate Capital Closes $578 million for Virtus Real Estate Capital III, LP
Virtus Real Estate Capital ("Virtus"), an Austin-based private equity real estate fund manager focused exclusively on cycle-resilient property types, announced the final close of Virtus Real Estate Capital…Read More