REIT buys Plymouth medical building from USAA.
Byline: Matt M. Johnson
A California real estate investment trust specializing in health care properties has paid more than $14 million for a Plymouth medical office building the previous owner held for less than two years.
Irvine-based Griffin American Health Care REIT IV paid about $14.12 million in cash for the 45,853-square foot Plymouth City Center Medical Building at 15655 37th Ave. N., according to a certificate of real estate value made public on April 12. The property is in the northeast quadrant of Highway 55 and Vicksburg Lane North.
The seller is an entity that shares an address with San Antonio-based USAA Real Estate Co., according to records on file with the Minnesota Secretary of State's office. USAA stands for the United States Automobile Association.
The transaction, which closed on April 8, works out to $307.94 per square foot of space. USAA paid $11.9 million for the property in 2017. Hennepin County values the building at $9.38 million.
When BTO started development in 2013, the company estimated the project cost at $12 million.
A representative for the buyer declined to comment on the purchase. The seller did not immediately respond on Monday to a request to comment.
Minnetonka-based BTO...
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