University buys Shriners Hospital for $22.5 million.


Byline: William Morris

The University of Minnesota has closed on the future home for its Institute of Child and Adolescent Brain Health.

The University's board of regents voted in September to purchase the former Shriners Hospital at 2025 E. River Parkway, a 10.5 acre lot on the Minneapolis side of the border between Minneapolis and St. Paul. The sale closed Jan. 10, according to a certificate of real estate value made public Tuesday. Louis Suarez and Jeff Budish of Colliers brokered the sale.

The Shriners have been treating children at its Twin Cities hospital since 1923 but will soon be relocating to the suburbs. Shriners Healthcare for Children has leased 20,000 square feet in a new medical office project under construction in Woodbury's CityPlace master development. The Shriners did not return messages seeking comment.

A University spokesperson said the school will work with the Shriners to transition the organization out of the building over the coming year.

"The Shriners International organization will be leasing the site from the University for up to 12 months to wind down operations and relocate to their new facility," according to the statement. "Following the end of that lease, the University will begin...

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