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Basir Tareen Of Tareen Development Partners Acquires Medical Office In Eagan For $7.8M

Property Image
SOLD
$7,800,000
Cory Villaume
Matt Hazelton

Minnesota

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Medical Office43,640 SF
Sold 12/18/2024
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Property Image
SOLD

Basir Tareen Of Tareen Development Partners Acquires Medical Office In Eagan For $7.8M

1185 Town Centre Drive

See Similar Deals
Medical Office43,640 SF
Sold 12/18/2024
Cory Villaume
Matt Hazelton
the dealplayerscompscontact
Contact now

Summary

MINNESOTA
Asset Type:Medical Office
Price Per Square Foot:$178
Total Square Footage:43,640 SF
Transaction Type:Sale

The medical office property located at 1185 Town Centre Drive in Eagan, MN, has been sold for $7.8 million. This asset encompasses an area of 43,640 square feet and sits on 3.19 acres. The property was originally built in 2000 and is situated in a developing market.

Summary of transaction details:

  • Property Type: Medical Office
  • Transaction Amount: $7,800,000
  • Address: 1185 Town Centre Drive
  • Market: Eagan, MN
  • Square Footage: 43,640
  • Price Per Square Foot: $179
  • Buyer: Basir Tareen - Tareen Development Partners
  • Seller: Town Centre Eagan LLC
  • Brokers: Cory Villaume & Matt Hazelton - JLL

Tareen Development Partners has acquired Town Centre Plaza with intentions to rebrand it as Eagan Medical Center. The new owners plan to improve the existing building and seek to attract a leading medical group to achieve full occupancy in the property.

Players

Cory Villaume
JLL
Cory Villaume
3 deals$33M volume(612) 217-6700
BROKER
Matt Hazelton
JLL
Matt Hazelton
8 deals$287.2M volume(612) 396-7723
BROKER

Details

SOLD
IMAGE: 12/18/2024 ADDRESS: 1185 Town Centre Drive MARKET: Eagan, MN ASSET TYPE: Medical Office ~ ACRES: 3.19 BUYER: Basir Tareen - Tareen Development Partners SELLER: Town Centre Eagan LLC BROKERS: Cory Villaume & Matt Hazelton - JLL SALE PRICE: $7,800,000 SF: 43,640 ~ PPSF: $179 NOTE: Tareen Development Partners has acquired Town Centre Plaza, a 43,640-square-foot medical office property in Eagan, for $7.8 million, with plans to rebrand it as Eagan Medical Center. The property, built in 2000, was purchased from Town Centre Eagan LLC, and the new owners aim to improve the building and attract a leading medical group for full occupancy.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$415,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$27,711.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$36,975.98
Annual Debt Service$443,711.75