John Hutchinson Acquires Office At 10650 Red Circle Drive Minnetonka For $5.85M
10650 Red Circle Drive
$5,850,000
$29/SF
Building Size
197,462 SF
Asset Type
Office
Closing
Jun 6, 2025
About this deal
AI
The property involved in this transaction is an office building located at 10650 Red Circle Drive in Minnetonka, MN. This asset encompasses a total of 197,462 square feet on a 5.17-acre lot. The sale was completed for $5,850,000, translating to approximately $29.63 per square foot. The property is currently rebranded as The Geode and is 50% leased while undergoing renovations, having already secured 25,000 square feet in new leases.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $5,850,000
- Square Footage: 197,462
- Address: 10650 Red Circle Drive
- Market: Minnetonka, MN
- Acres: 5.17
- Buyer: John Hutchinson
- Broker: Tyler Van Eps - RYZO Commercial Real Estate
The deal was executed by a group of private investors led by John Hutchinson. Tyler Van Eps of RYZO Commercial Real Estate represented the broker in this transaction.
Hopkins Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.71%
Cash-on-Cash
-0.77%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93