Rendering of Highland Bridge Medical Workplace. Picture courtesy of Ryan Cos.
Ryan Cos. has accomplished the event of Highland Bridge Medical Workplace, a 60,000-square-foot health-care facility in St. Paul, Minn. The property is a part of the 122-acre Highland Bridge mixed-use growth which was the previous residence of Ford Motor Co.’s Twin Cities meeting plant.
The challenge broke floor in December 2022, with Ryan A+E Inc. as architect of document, offering architectural, civil engineering, panorama architectural and inside design.
The 2-story medical workplace constructing, aiming for LEED Silver certification, is 85 % occupied and Transwestern oversees leasing, CommercialEdge information exhibits. There are at present 8,000 sq. toes of remaining house for future tenants. The clinics supply a wide range of medical providers, together with main care, bodily remedy, dermatology, pores and skin most cancers analysis and surgical procedure, and imaging. The tenant roster consists of M Well being Fairview, Dermatology Consultants, LifeStance Well being, Highland Foot and Ankle Clinic and RAYUS Radiology.
The property is situated at 2270 Ford Parkway, 8.6 miles from downtown St. Paul and 6 miles from downtown Minneapolis. Different medical services within the surrounding space embody the Minneapolis VA Well being Care System and Areas Hospital, 7.4 miles away. The medical facility may have entry to different options of the mixed-use group, together with parks, retail outlets and close by facilities.
As of March, The Minneapolis-St. Paul market has a provide pipeline of 20 medical workplace buildings in numerous levels of growth, set so as to add roughly 1.8 million sq. toes to the present stock, CommercialEdge information exhibits.
Optimistic views for the health-care sector
On the finish of 2022, the medical workplace market had an occupancy stage of 92.3 % and constant hire progress, outperforming the standard workplace sector the place the common occupancy was 11.4 % decrease, in line with a JLL report.
Regardless of displaying sturdy fundamentals given the character of the asset kind, the report exhibits that there could be some concern as a consequence of rising rates of interest and growth prices. Nonetheless, the health-care sector nonetheless proves resilient within the face of financial struggles.
