News release

Abbott Laboratories Life Science Campus in Minneapolis trades hands

JLL Capital Markets and CBRE facilitated the sale of the 280,289 SF portfolio to Virtus Real Estate Capital

July 28, 2022

Cierra Lacasse

Hotels & Hospitality and Capital Markets
+ 1602 648 8701

MINNEAPOLIS – July 28, 2022 – JLL Capital Markets, working alongside CBRE, has announced today that it has closed the sale of Abbott Laboratories Life Science Campus, a four building, 280,289-square-foot life science portfolio in Minneapolis, Minnesota.

JLL and CBRE co-marketed the property on behalf of the seller, a joint venture between Eagle Ridge Partners and Syndicated Equities. Virtus Real Estate Capital (“Virtus”) acquired the portfolio.

Abbott Laboratories Life Science Campus is fully leased to A+ investment grade credit tenant, Abbott Laboratories. The portfolio contains cGMP ("Current Good Manufacturing") certified clean room, lab and manufacturing space, as well as office and warehouse space. Across the four buildings there are 26 dock doors, 7 drive-ins, clear heights of 12-18 feet and 640 parking spaces.

Matt Withey, Managing Director of Virtus, commented, “This acquisition continues Virtus’ thesis of acquiring mission-critical assets with cGMP space that are leased to high-quality life science tenants that offer highly durable cash flows.”

The buildings are located on 19.13 acres at 14901 and 14851 DeVeau Place, 14900 Minnetonka Industrial Blvd. and 3700 Williston Rd. in the Southwest submarket. Abbott Laboratories Life Science Campus has convenient access to the areas vast transit system, including the Light Rail Transit system, regional freeways and the Minneapolis-St. Paul International Airport. The portfolio benefits from the highly educated labor force in the Minneapolis-St. Paul market, with 40.5% of the population 25 and older having a bachelor’s degree of higher.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Colin Ryan and David Berglund and Senior Director Erin Fitzgerald. The CBRE team was led by Executive Vice President Judd Welliver and Vice President Bentley Smith.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Eagle Ridge Partners

Founded in Minneapolis in 1996, Eagle Ridge Partners is a privately held development, acquisition and asset management company. They have owned, operated and developed over $1 billion of institutional-quality commercial real estate assets in their 20+ year history. Their current portfolio includes over 3 million square feet in the Twin Cities metro area, including office, industrial, multi-housing and design center properties. They focus on creating value in each transaction They engage in by utilizing a combination of experience, industry relationships and a flexible investment approach.

About Syndicated Equities

Syndicated Equities is a private real estate investment firm that provides its clients with nationwide access to institutional-quality real estate opportunities. They believe that investing in professionally managed real estate is essential to both a well-diversified portfolio and the creation of personal wealth.

For over 30 years, their firm has generated attractive returns for its clients through their expertise in evaluating, structuring and actively managing real estate investments. These investments include stabilized retail, office, parking, government, hotel and credit tenant net leased properties. The principals of Syndicated Equities invest alongside their clients in each property, reflecting their careful due diligence, alignment of interests and personal commitment to the success of their investments.

Syndicated Equities also works closely with investors completing 1031 Exchanges. Their firm has provided over $750 million of credit tenant, net leased properties for their investors as either replacement property or as a new equity investment.

About Virtus Real Estate Capital

Virtus Real Estate Capital, founded in 2003, is a hands-on, data-driven, curious investor that delivers compelling outcomes from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in challenging times, Virtus has purposefully worked to foster thriving communities that empower people to live better lives. Over the last 19 years, it has acquired 262 properties for a combined acquisition value of $5.1 billion and has fully realized 187 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit