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Real Estate Forward

Virtus Abbott Labs Acquisition

Minnetonka, Minnesota

Winstead’s real estate team navigated unique challenges to successfully represent Virtus Real Estate Investment Trust in acquiring three single-tenant life science buildings leased to St. Jude Medical for $54 million in Minnetonka, Minnesota.

ESTIMATED VALUE:
$54 million

LEAD ATTORNEYS:

STATUS:
Deal completed July 2022

Winstead’s real estate team navigated unique challenges to successfully represent Virtus Real Estate Investment Trust in acquiring three single-tenant life science buildings leased to St. Jude Medical for $54 million in Minnetonka, Minnesota.

The property presented complexities due to its prior and current use for life sciences research. Our team possessed the specialized understanding required to navigate unique building and lease requirements associated with such facilities.
Additionally, we identified potential environmental concerns stemming from the site’s history.

To ensure Virtus made an informed decision, we collaborated with the seller’s counsel and our local environmental experts to secure additional testing and extended due diligence time. This comprehensive approach provided Virtus with the necessary confidence to proceed with the acquisition.

Leveraging our extensive experience in healthcare and life sciences projects, we effectively addressed all concerns and ensured a smooth closing.

Winstead’s experience and dedication enabled Virtus to seize this exceptional investment opportunity. The transaction concluded successfully, exceeding client expectations and solidifying our position as a trusted advisor in the complex world of life science real estate acquisitions.