University of Minnesota to acquire Shriners property.

Byline: Brian Johnson

The Shriners Healthcare for Children campus on East River Parkway in Minneapolis will soon have a new owner as the University of Minnesota has a deal to purchase the 10.3-acre site for an undisclosed price.

The Minneapolis-St. Paul office of Colliers International, which has been marketing the site since February, confirmed Wednesday that the transaction is under contract, though no closing date has been finalized.

The 108,400-square-foot hospital overlooks the Mississippi River at 2025 E. River Parkway. The property attracted "broad interest from multiple buyers," according to Colliers.

The sale is on the agenda of the Sept. 12 meeting of the U of M Board of Regents' Finance & Operations Committee.

Shriners is pulling up its stakes after a nearly 100-year run at the East River Parkway location, according to Colliers.

In May, Shriners announced plans to open a new pediatric health care facility at the CityPlace shopping center in Woodbury. The new location is under construction.

"Our health care system has been improving the lives of the children for nearly 100 years," Charles Lobeck, hospital administrator for Shriners Healthcare for Children Twin Cities, said in a statement Wednesday. "This agreement will allow us to strengthen our position and commitment to the children and families of this region, as we prepare for our second hundred years of caring for kids."

"The sale of the Twin Cities campus on East River Parkway Shriners Hospitals Campus to the University of Minnesota is a win-win for all parties" said Vice President Louis Suarez of Colliers International Minneapolis-St. Paul.

Colliers...