— Forum Equities has plans to reposition the office building —
Smiths Medical has sold their former Arden Hills, MN headquarters to developer Forum Equity Partners. Forum Equity Partners, who closed on the 165,000-square-foot office-tech space last week, has plans to renovate and reposition the building back into a multi-tenant office flex building.
Smiths Medical, a unit of London’s Smiths Group PLC, manufactures and sells medical devices that include drug-infusion pumps and consumables to hospitals and surgical centers. The company had outgrown the Arden Hills location and in December of 2014 announced plans to relocate to a new build-to-suit corporate headquarters in Plymouth, MN. Since Smiths Medical’s departure, the Arden Hills building has been incredibly well-maintained, an attractive selling feature for Forum Equity Partners, along with its convenient location and number of amenities in the surrounding area.
“Our team started looking for a variety of potential tenant types, and by proving the market, we were able to secure a solid investor for Smiths Medical,” says Michael Gelfman, Vice President at Colliers International | Minneapolis-St. Paul. “This is a great investment opportunity for Forum Equity Partners. Their strong reputation as a developer who repositions properties, will breathe life back into a space that has a fair amount of optionality.”
Forum Equity Partners is a private equity partnership led by Steve Hoyt of Hoyt Properties.
The Investment Sales team from Colliers International | Minneapolis-St. Paul, along with Michael Gelfman, Vice President in the office brokerage division at Colliers International | Minneapolis-St. Paul represented Smiths Medical in the disposition of the former headquarters.
