PLYMOUTH, MN-When the WestHealth campus was developed in 1994, it was a unique concept in Minnesota. From busy Interstate 494, the complex at the intersection of State Highway 55 had – and still has – the look of a typical hospital campus. Yet the three buildings totaling 200,000 square feet of space are home to outpatient services only; a hospital-like campus without inpatient beds.
Recently, that campus changed hands, as Chicago-based Harrison Street Real Estate Capital LLC acquired the campus for $58 million, or $290 per square foot. The private equity investor added the WestHealth property to its Core Property Fund, which the company says includes “stabilized, income-producing properties” comprising education, healthcare and storage real estate.
The transaction was a classic health system monetization, as the seller was Allina West Health, part of Minneapolis-based AllinaHealth. The 11-hospital system, the largest in the Twin Cities of Minneapolis and St. Paul, has facilities throughout Minnesota and western Wisconsin.
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