Updated Jul 9, 2025
Steris Acquires Medical Office Buildings In Coon Rapids For $13.1M From Gaughan Cos
8990 Springbrook Drive Northwest & 8960 Springbrook Drive Northwest
$13,100,000
$65/SF
Building Size
100,000 SF
Asset Type
Medical Office
Closing
Jun 25, 2025
About this deal
AI
The transaction involved two medical office buildings located at 8990 Springbrook Drive Northwest and 8960 Springbrook Drive Northwest in Coon Rapids, MN. The sale was completed on June 25, 2025, for a total of $13,100,000, representing a price per square foot of $131. The combined square footage of the properties is approximately 100,000 square feet.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: $13,100,000
- Buyer: Daniel A. Carestio
- Buyer Company: Steris
- Seller: Gaughan Cos
- Sale Date: June 25, 2025
- Address: 8990 Springbrook Drive Northwest & 8960 Springbrook Drive Northwest
- Market: Coon Rapids, MN
- Square Footage: 100,000
- Price Per Square Foot: $131
Steris, an Ohio-based medical equipment maker, acquired the properties known as Minnesota Medical Enterprise Center I and II in a cash transaction from Gaughan Cos, consolidating its footprint in the healthcare sector through this acquisition.
Players
Market Medical Office Market Snapshot
Boundary boundary · Medical Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.21%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93