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Medical building sold in downtown St. Paul

  • October 9, 2013 - 7:43 PM

The Nasseff Specialty Center, a prominent medical building in downtown St. Paul, has been sold for $27 million, according to Ramsey County property records.

The 120,000-square-foot building at 225 N. Smith Av. is on the United Hospital campus. It’s home to several medical groups, including the United Heart & Vascular Center, St. Paul Lung Clinic, Minnesota Epilepsy Group, United Neurosurgery Associates and others.

Many of these groups have joined the Allina Health system, the building’s buyer. With $3.3 billion in annual revenue, Minneapolis-based Allina Health has 11 hospitals and more than 50 clinics in Minnesota and western Wisconsin.

Allina Health currently locates its United Heart & Vascular Clinic, United Lung & Sleep Clinic and United Neurosurgery Associates in the Nasseff Specialty Center, said spokesman Tim Burke.

Additional United Hospital departments may be located there in the future, he said.

The building was purchased from Smith Avenue Realty Associates II, which was represented by the Minneapolis office of CBRE in the cash deal. CBRE announced the sale last week, but the certificate of real estate value for the Oct. 1 transaction was not accepted in Ramsey County until Tuesday.

JANET MOORE

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