Teleflex Industrial

The Teleflex building presents an exciting opportunity. We are acquiring an approximately 80,000 square foot medical-tech/laboratory facility in Maple Grove. The building is approximately 50% laboratory/clean room space with specialized systems necessary for The area is known for a heavy concentration of medical device companies and related industries in the NW Metro area including Boston Scientific, Abbott (formerly St Jude), Medtronic, and Upsher Smith. These companies have created an ecosystem for additional companies to open for business taking advantage of a knowledgeable workforce. Minnesota’s public institutions including Mayo Clinic and the University of Minnesota also make it an ideal place for these medical device companies to locate. The building is currently occupied by Teleflex who is vacating the building and we have leased the entire building to a new company named Laborie who is a similar medical device manufacturer and can make use of the improvements with minimal new investment (a huge advantage to both landlord and tenant). Laborie is owned by LMT Holdings, LLC (a US entity and guarantor on the lease) who in turn is owned by Investor AB, a massive Swedish conglomerate with a market cap of nearly $90 billion.