Davis acquired Woodlake Medical Building, a two-story, 42,467-square-foot medical office building (MOB) in Woodbury, Minnesota, for $18 million, or approximately $424 per square foot. Bridgewater Bank provided the financing.
Located on 4.73 acres, the property boasts an outpatient surgery center and recently upgraded, digitally controlled VAV and HVAC systems.
Davis, founded in 1986, is a national healthcare real estate firm that offers expertise in healthcare real estate development, property management, brokerage, investment and consulting services to health systems, hospitals, individual medical groups, specialty practices and other healthcare organizations. The company has developed 35 Class A medical buildings totaling more than $380 million in development costs and completed 49 investment transactions totaling more than $618 million.
The Davis Medical Investors LLC investment fund now comprises 13 MOBs totaling 567,356 square feet. The fund has acquired assets in Minnesota, Tennessee, Connecticut, Maine and Ohio at a total cost of approximately $230 million.
According to the LevinPro HC database, this marks the 203rd MOB transaction of 2022 and the 39th to be announced during the fourth quarter. This marks Davis’ second acquisition in Woodbury following its purchase of three medical office buildings in the east St. Louis suburb in January 2022.
