Home Commercial Minnesota-based UnitedHealthcare Group Buys Medical and Retail Asset in Everett for $20.8M

Minnesota-based UnitedHealthcare Group Buys Medical and Retail Asset in Everett for $20.8M

Everett, UnitedHealthcare Group, The Everett Clinic
Image Courtesy of The Everett Clinic

By Meghan Hall

Minnetonka, MN-based UnitedHealth Care Group has snapped up an Everett medical clinic and surrounding retail for a healthy $20.8 million. The transaction closed on June 9th, and the seller was Andrea Rodewald, associated with the Everett Clinic Employee’s Profit Sharing Trust.

The transaction includes the properties at four addresses: 3901 and 3909 Hoyt Ave., as well as 3912 and 3924 Colby Ave. 3901 Hoyt is occupied by The Everett Clinic Founders Building, while 3909 Hoyt next door is home to a Bartell Drugs. The Colby Ave. properties are developed as street parking, according to Snohomish County records.

The Everett Clinic Founders’ Building houses both specialty and primary care departments, including pediatrics, pulmonary, behavioral health, family medicine and other services. The clinic, founded in 1924, is part of Optum, a national physicians’ group. The Everett Clinic has 30 sites around Snohomish and King Counties and has more than 333,000 patients and 2,400 staff.

The Everett Clinic was purchased by Denver-based healthcare provider DaVita in 2015 for $405 million. The Everett Clinic agreed to the acquisition in an effort to keep its health care services and businesses viable, the company stated at the time. Less than two years later, in 2017, DaVita entered into negotiations with UnitedHealth to once again sell The Everett Clinic to UnitedHealth for $4.9 billion in cash.

Everett has seen a handful of sales over the past few months across a variety of properties, even as COVID-19 has taken effect. Most recently, a ten-acre retail center on Evergreen traded for $18 million. The buyer, Heartland Construction, purchased the property with entitlements in place to redevelop the project site into 430 residential units.

However, sales volume for retail properties in Everett has been slow, with other recent sales in the area more multifamily oriented. In January Berkadia selling the 144-unit Greensview Apartment Homes for $29.4 million, while in April, The Madrona Apartments, a smaller, 29-unit building, sold for $3.675 million.