MINNEAPOLIS- For the past few years, the AtWater Group has focused on building a footprint in the so-called Twin Ports region of Superior, Wisconsin and Duluth, Minnesota. However, this month, the development and investment firm has expanded into the Twin Cities by acquiring the Ridge Point Medical building at 14050 Nicollet Ave., South, in suburban Burnsville. The acquisition of the 38,000-square-foot Class B medical office building was completed on April 26. Earlier this month, AtWater also acquired the 82,000-square-foot Normandale Place, a Class B office building located at 8201 Norman Center Dr., in suburban Bloomington.

Ridge Point is directly across the street from the Fairview Ridges Hospital in Burnsville and is 80 percent occupied. Metro Pediatrics is its largest tenant. Cushman & Wakefield/NorthMarq marketed both properties for sale and will also handle the leasing and management. Pete Rand marketed Ridge Point Medical; Tom Stella and Rob Davis will handle the property's leasing efforts. For Normandale Place, Scott Pollock marketed the asset for sale; Dan Gleason will lead the leasing efforts.

As reported yesterday in GlobeSt.com, many of the nation's top real estate executives now see healthcare facilities as the most attractive investment. “There's going to be a need for more real estate to support the sector as it grows under Obamacare,” said Jay Epstien, the chair of U.S. real estate for DLA Piper, a global law firm that just finished a survey of nearly 200 executives. In 2011, multifamily projects were the runaway favorite, with nearly twice as many executives choosing them over healthcare, but this year they slipped to a close second.