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Large portfolio of Twin Cities medical office buildings sold

6565 France SMC III

Fifteen Twin Cities medical office buildings and clinics have recently switched hands as part of a $400 million deal.

IRET, a real estate company based in Minneapolis and Minot, N.D., has sold 25 medical office buildings to Harrison Street Real Estate Capital LLC of Chicago.

The sale included properties in Minneapolis, Edina, Burnsville, Brooklyn Center, Brooklyn Park, Lake Elmo and St. Michael.

CBRE’s Healthcare Capital Markets Group, headed by Chris Bodnar and Lee Asher, partnered with BMO Capital Markets to serve as advisers on the sale, which closed Dec. 29.

IRET announced last November that it planned to sell its entire health care building portfolio. IRET will unload the rest of that portfolio over the next six months and focus more on multifamily properties.

Women-centered co-working space opens in Minneapolis

ModernWell, a new co-working space designed specifically for women, opened its doors Tuesday in Minneapolis.

Located at the former Baby Grand building at 2909 South Wayzata Blvd. close to I-394, Modern Well is described as a “safe space for women to work independently or collaboratively.”

The 5,200 square-foot building features private offices, conference rooms, a podcast studio, as well as some spaces not dedicated for work like a massage room, yoga studio, and a wellness and relaxation area.

“I am grateful to bring ModernWell to the women of the Twin Cities and beyond, and to offer an inspiring space for them to work, create, connect, and renew,” founder Julie Burton said in a statement.

Memberships start at $185 per month.

ModernWell is one of several new co-working offices to open recently in the Twin Cities.