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Montecito Medical Real Estate Acquires M Health Fairview Clinic In Bloomington For $16M
SOLD
$16,000,000
Minnesota
See Similar DealsMedical Office
Sold 04/21/2026
SOLD
Montecito Medical Real Estate Acquires M Health Fairview Clinic In Bloomington For $16M
600 West 98th Street
See Similar DealsMedical Office
Sold 04/21/2026
Summary
MINNESOTA
Asset Type:Medical Office
Transaction Type:Sale
The asset involved in this transaction is a medical office located at 600 West 98th Street in Bloomington, MN. The property was sold for $16,000,000 in a sale-leaseback arrangement, which will see Fairview remaining as a tenant under a 10-year lease agreement.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: $16,000,000
- Buyer: Montecito Medical Real Estate
- Seller: Fairview
- Transaction Date: 04/21/2026
- Market: Bloomington, MN
Montecito Medical Real Estate acquired this property as their first asset in Minnesota, thereby expanding their medical office portfolio in conjunction with university-affiliated health system partnerships.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$853,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$56,844.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$75,848.16
Annual Debt Service$910,177.95
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