Colliers is pleased to present the Blaine Medical Building (“Blaine Medical” or the “Project”), a 33,399 square foot, single-story medical facility located in Blaine, MN. The Project is 100% leased to two high-quality tenants who are original occupants of the building. Blaine Medical boasts a Weighted Average Lease Term of 7.73 years.
Minnesota Eye Consultants occupies 17,753 sf, including an ambulatory surgery center, has 5.5 years remaining on their lease, and has been in occupancy since 2011.
Noran Neurological Clinic occupies 15,646 sf, has 10.25 years remaining on their lease, and has been in occupancy since 2010.
The Project is easily accessible via Ulysses St NE, visible from Central Ave NE / Highway 65, in an area with high daily traffic counts and is surrounded by complementary medical users.
The combination of high-quality long-term tenancy, great location and access, and first-class construction and ownership make Blaine Medical a compelling investment opportunity.
11091 Ulysses Street NE, Blaine, MN 55434
2 5.4/1,000 33,399 2 100% 2010
100% Occupancy
7.7-Year WALT / 15-Year Avg Tenancy
First-Class Construction + Ownership
Established Specialty Practices Great Location + Access
Surrounding Medical Users
Predictable Cash Flow
ULYSSESSTNE
BLAINE, MN
Blaine, Minnesota, is an exceptional city that combines a vibrant community with a strategic location, making it a prime choice for living, working, and investing. With a population of over 66,000 residents, Blaine boasts a strong demographic foundation that supports a thriving economy. The city has been recognized for its quality of life, earning awards such as the “Best Place to Live in Minnesota” by Niche in 2020. Residents enjoy easy access to urban amenities while relishing a suburban lifestyle characterized by excellent schools, expansive parks, and a family-friendly atmosphere. The city’s strong sense of community is evident in its various events and activities, fostering connections among residents and creating an inviting environment for newcomers. This makes Blaine an attractive place for individuals and families looking to settle down.
From a business perspective, the Blaine area is an emerging hub for commercial activity, particularly in the healthcare sector. Investors looking to enter the medical office market will find Blaine appealing due to its increasing population, regional retail trade hub, and demand for healthcare services. Notably, the National Sports Center, located in Blaine, is one of the largest sports complexes in the United States, attracting thousands of visitors and athletes year-round. This facility not only enhances the community’s recreational
offerings but also stimulates local businesses, contributing to a vibrant economy. Furthermore, Blaine has been named a “City of Excellence” by the Minnesota Association of Townships, highlighting its dedication to providing exceptional services and infrastructure, which further enhances its attractiveness for investment.
Investing in a medical office building in Blaine presents a unique opportunity to capitalize on the city’s growth trajectory. The demand for healthcare services is projected to rise, fueled by an aging population and a heightened focus on health and wellness. According to the Minnesota Department of Employment and Economic Development, healthcare occupations are expected to grow by 14% in the coming years. Additionally, Blaine’s strategic location near major highway enhance accessibility for patients and healthcare providers alike. This combination of factors, including the city’s recreational amenities like the National Sports Center, not only positions Blaine as a desirable location for medical offices but also ensures a strong return on investment for investors looking to make a long-term commitment in the healthcare sector. With its community-centered approach and robust economic growth, Blaine stands out as a wise choice for investors targeting the medical real estate market.
66K+
35.5
SQUARE MILES
BLAINE POPULATION MEDIAN HH INCOME
$80K
HEALTHCARE GROWTH
Projected 14% increase in healthcare occupations in the coming years
EDUCATIONAL EXCELLENCE
High graduation rates with several highlyrated public and private schools
SUPPORTIVE ZONING LANDSCAPE
Supportive zoning regulations for commercial and medical office development
NATIONAL SPORTS DESTINATION
Home to the National Sports Center, the largest amateur sports complex in the U.S.
AWARD-WINNING COMMUNITY
Recognized as the “Best Place to Live in Minnesota” by Niche in 2020
EFFICIENT ACCESSIBILITY
Proximity to major highways and MinneapolisSt. Paul International Airport
ECONOMIC GROWTH
Estimated job growth rate of 1.5% annually
EXTENSIVE RECREATION OPPORTUNITIES
60+ parks spanning more than 1,400 acres
THE PROPERTY
MN 55434
Separate HVAC
mspcommercial.com
MSP Commercial provides healthcare real estate expertise to medical practices throughout the Twin Cities, with services including ground-up development, project management, and property management.
Over their 20-year history, they have developed over 50 ground-up medical office buildings for many of Minnesota’s leading healthcare companies, including awardwinning ambulatory surgery centers and clinics.
100 YEARS
Combined Experience in Paroperty Management
70+ PROVIDERS
In Healthcare Specialties in MN
1.5M SQ FT
Healthcare Management in Twin Cities Metro
93%
93% of MSP’s Property Management Portfolio is in Healthcare. Services include:
• Local, hands-on approach with regularly scheduled on-site visits
• Unparalleled service, accessible 24 hours a day, 7 days a week
• Highly-trained and certified regulatory compliance experts to manage detailed collection and tracking of manintenance reports.
• Only vetted and trusted partners to provide timely, cost-efficient, high-quality service to every managed property.
THE TENANTS
noranclinic.com
Noran Neurology is one of the Twin Cities’ most prominent independent neurology practices, serving Minnesota and surrounding regions since 1973.
With a team of over 40 board-certified neurologists and advanced practice providers, Noran Neurological Clinic offers a full spectrum of diagnostic and treatment services for patients with complex neurological conditions. Their areas of specialty include epilepsy, multiple sclerosis, Parkinson’s disease, neuromuscular disorders, migraines, stroke, and pediatric neurology, among others. In addition to outpatient consultations, they provide in-house services such as EEG, EMG, MRI, infusion therapy, neuropsychology, and sleep studies, ensuring an integrated experience for patients.
As a tenant, Noran is a cornerstone of any healthcare focused property. Their occupancy reflects long-term lease stability, significant investment in clinical buildouts, and a strong referral base across health systems. Their locations are carefully selected for accessibility, regional visibility, and operational efficiency, often anchoring multi-tenant medical buildings and supporting co-tenancies from complementary specialties.
Noran’s presence enhances the overall value of a healthcare facility by driving consistent patient traffic, fostering clinical collaboration, and reinforcing the site as a destination for high-acuity specialty care.
mneye.com
Minnesota Eye Consultants is a premier ophthalmology group in the Upper Midwest, nationally recognized for its leadership in eye surgery, research and innovation.
Providing advanced medical and surgical eye care, they specializing in areas such as cataract surgery, LASIK and refractive procedures, glaucoma, cornea disease, oculoplastics, and retina care. Their team includes fellowship-trained subspecialists, who are active in clinical research, academic instruction, and the development of new surgical techniques and technologies.
This is a highly desirable and stable anchor tenant. The practice operates multiple locations across the Twin Cities metro and is physician-owned, with a majority ownership stake held by clinical partners. In 2019, they further solidified their long-term strategy and scalability by joining with Unifeye Vision Partners (UVP), a private equity-backed network of leading ophthalmology practices. This partnership brings additional operational and financial strength, while maintaining physician leadership at the local level.
Class A clinical space includes custom surgical suites, exam lanes, and diagnostic imaging equipment – requiring significant capital investment and a long-term lease commitment. Minnesota Eye brings high patient volumes, draws regional referrals, and strengthens the reputation and traffic of any medical office building or healthcare campus in which they reside.
THE FINANCIALS
HISTORICAL CASH FLOW
MARKET LEASING ASSUMPTIONS
THE TWIN CITIES
When it comes to quality of life, the Twin Cities strike a delicate balance. Our outdoor spaces are among the best in the country, with hundreds of miles of trails and paths connecting our lakes and waterways. Meanwhile, Minneapolis’ bustling glass-and-steel skyway system links nine miles of downtown businesses, urban dwellings and attractions, and St. Paul’s historic charm comes through in tree-lined avenues and storied neighborhoods. Surrounding the Twin Cities, the metro area’s suburbs boast their own unique amenities and attractions to explore.
-Steve Cramer, CEO, Downtown Council
A DYNAMIC BUSINESS
ENVIRONMENT & SOLID ECONOMIC BASE
Referred to as the Twin Cities, Minneapolis-St. Paul is the country’s 16th largest metropolitan area. With a population of 439,000, Minneapolis is the largest city in Minnesota and acts as the commercial business driver of the region. St. Paul, Minnesota’s capital city and civic hub, is home to 315,000 people.
Over the past decade, the Twin Cities metro area has become a true “18-hour city,” with services, amenities and job opportunities similar to those in the nation’s largest markets. In addition, Minneapolis-St. Paul continues to attract top talent for its diverse industry base and consistently ranks highly as a prime location for companies, professionals and families.
The Twin Cities MSA is an economic powerhouse that fuels the overall Minnesota GDP through finance, healthcare, manufacturing, and technology sectors. This region’s commitment to innovation has led to steady economic growth, complemented by a vibrant cultural scene and excellent quality of life.
Strong Business Environment
GROWTH (SINCE 2010)
(2023)
Safe and abundant food, clean water and health solutions will drive the global economy in coming years.
Minneapolis-St. Paul is the leader in these technologies and industries, and has the R&D, financial and business services infrastructure to support them.
• Innovative companies like Ecolab, Pentair, and GE are investing in R&D here in the “Silicon Valley of Water,” to ensure clean and abundant water for the globe.
• Among both the private and public sectors, Minneapolis-St. Paul is a leader in biotechnology and medical innovation.
Top Twin Cities Employers
EMPLOYEES (2023) $125K
HOUSEHOLD INCOME (MSA 2021)
(SINCE 2010)
(MAR 2024)
SOLID ECONOMIC BASE
The Minneapolis-St. Paul business community is a hub for some of the world’s largest and most well-known companies. Due to factors including accessibility, residential opportunity, affordability and a mix of restaurants and retail, many industryleading businesses chose to place their headquarters in downtown Minneapolis and St. Paul to keep their employee retention strong.
The Twin Cities also boasts one the largest concentrations of Fortune 500 Companies in the country while having the second lowest rent-to-income ratio in the U.S.
Fortune 500 Companies per 1M People
Twin Cities Fortune 500 Companies
Home To The Nation’s Largest Private Company
HQ: Wayzata, MN
Cargill, Inc. is an American multinational food corporation and the largest privately held corporation in the nation. Founded in 1865 by William Wallace Cargill in Iowa, Cargill expanded into Minnesota in 1887, becoming a cornerstone of the state’s grain industry.
3,000
155K EMPLOYEES
Remaining family-owned, it now has operations in over 70 countries. Initially focusing on grain storage and trading, Cargill has diversified into food production, processing, and a myriad of other sectors, solidifying its global footprint while maintaining strong ties to Minnesota .
Significant Minnesota-Based Private Companies
HQ: Minneapolis
A leading construction and development firm, focusing on sports facilities, renewable energy, data centers, and healthcare infrastructure.
HQ: Minneapolis
Has designed, manufactured and marketed premium windows and doors for more than 115 years.
HQ: Minneapolis
Specializes in commercial real estate construction, architecture, engineering, development, management, and capital markets.
HQ: Minneapolis
Family-owned and founded in 1953 and continues to be a leading U.S. wine, spirits, and beer distributor.
A VIBRANT LIVABLE ENVIRONMENT WITH
HIGH ACCESSIBILITY
Known for its vibrant culture, economic vitality, and a welcoming community spirit, the Twin Cities offer a balanced quality of life that is hard to match. From the bustling urban centers to serene parkland, the Twin Cities cater to a wide array of lifestyles, making it an ideal place for families, professionals, and artists alike.
The emphasis on green spaces and outdoor activities further enhances the livability of the Twin Cities. The extensive network of lakes, parks, and bike trails encourages outdoor pursuits and contributes to the overall health and well-being of the community.
The Twin Cities have received the #1 Bike Score® in the U.S., with a combined 400 miles of bike-ways along scenic lakes, parks and city streets. Minneapolis’ skyway system is 9.5 miles of enclosed walkways through downtown office buildings, giving workers accessibility to top amenities without having to venture outside.
So whether it’s kayaking through the Chain of Lakes or on the Mississippi River, biking along the Grand Rounds Scenic Byway, or enjoying a leisurely stroll in one of the many parks, the Twin Cities offer a unique blend of urban convenience and natural beauty.
BIKE SCORE IN UNITED STATES (2023)
CITY FOR WORK/LIFE BALANCE (2024)
#1
#1 US STATE FOR ROADS QUALITY (2024) #1
CITY FOR YOUNG PROFESSIONALS (2024) #1 #1 N. AMERICAN INT’L AIRPORT (2022-2024) #1 US METRO FOR EDUCATION (2023)
Tightly Linked Locally & Internationally
The start of the Light Rail Transit (LRT) system in 2004 connected the city’s central business district (CBD), Minneapolis/St. Paul International Airport, and the Mall of America. The Green Line commenced operations in 2014, establishing a vital link between the CBDs of Minneapolis and St. Paul.
Two extensions of the LRT system are currently underway, slated to commence service in 2027: the Green Line extension, which will connect the Minneapolis CBD to the Southwest suburbs, and the Blue Line extension, linking the Minneapolis CBD to the Northwest suburbs. Along with the light rail network, Metro Transit also operates bus rapid transit (BRT), express bus routes, and the Northstar Commuter Rail.
The heart of Minneapolis’ transit infrastructure lies within its central business district (CBD). This intricate system incorporates a blend of express bus routes originating from suburban park and ride facilities and neighborhood routes catering to the needs of Minneapolis and St. Paul residents alike.
Minneapolis-St. Paul International Airport (MSP) has solidified its position as a global transit hub. In 2024 and for the third consecutive year, MSP is being recognized as the “Best Airport in North America.” The award from the Airports Council International (ACI) is based on results from the organization’s global passenger survey program, which placed MSP in the top spot for airports in the 25 million to 40 million passengers category.
A DIVERSE & EDUCATED WORKFORCE
Hennepin County Medical Center (HCMC)
HCMC stands as one of Minnesota’s largest employers, boasting a workforce exceeding 6,000 individuals. Situated in downtown Minneapolis, HCMC serves as the premier Level 1 Adult and Pediatric Trauma Center in the region.
Xcel Energy
Headquartered in Minneapolis, Xcel Energy emerges as a formidable force in the employment landscape of Minnesota. This major utility company caters to millions of customers across eight states. With a vision geared toward a cleaner energy future, Xcel Energy aims to slash carbon emissions by 80% before 2030 and ultimately achieve 100% carbon-free electricity by 2050.
MSP International Airport
Equipped with four runways and two terminals, MSP offers a plethora of amenities and services to travelers. This employment figure encompasses airline personnel, airport staff, and employees of various retail and hospitality establishments nestled within the airport premises. Notably, MSP serves as a pivotal hub for Delta and Sun Country Airlines, further solidifying its status as a key player in Minnesota’s employment landscape.
Highly Educated Workforce
The Greater MSP area benefits from a highly educated workforce, supported by 36 colleges and universities, including the notable University of Minnesota. With 45% of the adult population holding at least a bachelor’s degree and 80% of college graduates choosing to remain in the region, the area boasts a strong talent retention rate, ensuring a continuous flow of skilled individuals into the local job market.
Educational attainment surpasses other regional metro areas.
MN COLLEGES & UNIVERSITIES
MEDICAL ALLEY: LEADERS
IN HEALTHCARE
The Smithsonian has recognized six “Great Places of Invention” in the U.S., including only one for healthcare: Medical Alley.
Known as “Medical Alley,” Minnesota leads in the medical technology sector in medical/healthcare employment due to companies such as Medtronic, UnitedHealth Group, Prime Therapeutics, 3M and St. Jude’s, as well as top-ranked hospitals, including Mayo Clinic, Allina Health and the Children’s Hospital of Minnesota, to name a few. In Medical Alley, you’ll find the world’s leading health technology innovation cluster, the highest ranking hospital and the globally recognized Destination Medical Center.
MINNESOTA’S
LEADING LIFE SCIENCES COMPANIES
Mn : A Renowned Leader In Life Sciences : By The Numbers
LARGEST HEALTH-TECH CLUSTER IN THE WORLD
WORLD’S TOP-RANKED HOSPITAL #1 #1 #1
THE NATION’S LARGEST PRIVATE HEALTH INSURER
HEALTHCARE TECHNOLOGY COMPANIES EMPLOYEES IN THE MEDICAL DEVICE INDUSTRY 1K+ 500+ 34K+ MEDICAL DEVICE BUSINESSES
BIOSCIENCE PATENTS PER CAPITA IN US (2018-2021) RAISED IN PRIVATE CAPITAL (2022) #2 $1.7B #2
MEDICAL DEVICE
PATENTS PER CAPITA (2022)
11091 Ulysses Street NE
Blaine, MN 55434
COLLIERS TWIN CITIES TEAM
LOUIS SUAREZ
Title +1 952 louis.suarez@colliers.com
TOM O’BRIEN
Title +1 952
tom.obrien@colliers.com
MISTY BOWE
Title +1 952 misty.bowe@colliers.com
COLLIERS MORTGAGE TEAM
TONY CARLSON
Title +1 952
tony.carlson@colliers.com
MATT HALBERG
Title +1 952 matt.halberg@colliers.com
DISCLOSURE & CONFIDENTIALITY AGREEMENT
The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Sellers or Colliers International. The material is based in part upon information supplied by the Sellers and in part upon financial information obtained by Colliers International from sources it deems reliable. Owners, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum you agree:
1. The Offering Memorandum and its contents are confidential;
2. You will hold it and treat it in the strictest of confidence; and
3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Sellers.
Owners and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Sellers or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
