California-based Beckman Coulter has purchased three properties in Chaska in a cash deal, according to a certificate of real estate value made public last week.
The deal was worth $22 million, according to the CRV. Beckman Coulter had been leasing the property before the sale.
Beckman Coulter researches, develops and manufactures technology related to biomedical testing. In addition to its Chaska location, it has property in Florida.
The CRV lists the properties as light-manufacturing, meant for research and development work. According to a Catylist listing, the three properties purchased are 1000 Lake Hazeltine Drive, 317 Lake Hazeltine Drive, and 326 Lake Hazeltine Drive, which were built in 1970, 1982 and 1990, respectively.
The three properties combined are about 174,192 square feet, according to Catylist, bringing the price-per-square-foot to about $126.29. The largest property, located at 326 Hazeltine Drive, is 134,291 square feet. It is listed as a four-story industrial flex building.
The CRV lists the seller as an Illinois group, Cardbeck Chaska Trust. A request for comment was not returned before the time of publication.
“Beckman Coulter has been part of the Chaska community for decades,” said Tom Coffman, vice president and chief finance officer of Beckman Coulter Diagnostics, in an emailed statement. “ Our recent purchase of the building on Lake Hazeltine Drive in Chaska demonstrates our continued commitment to the region and a recognition of the talented healthcare workforce in the area.”
Cresa Principal Jim Vos said in an interview Monday said it’s difficult to know what Beckman Coulter is thinking about doing with their newly purchased property, but said it is possible they intend to invest in and upgrade the building but wanted to own it first.
Vos said that flex properties, similar to the set of Chaska properties, are in higher demand with investors as the office market continues to present challenges.
“Certainly [there is] more demand for anything that’s more industrial, and the flex buildings are doing well as the traditional office market continues to be more challenging,” Vos said.
Outside of this deal, Vos said that, despite high interest rates, there’s still steady demand for investment opportunities at occupied buildings, which he said are still trading hands.
According to a search of this year’s transactions, this property marks a highwater mark for light manufacturing properties that have been sold. The next highest is a transaction in January , when the St. Paul-based H.B. Fuller group acquired Aspen Research, including the facility Aspen used in Maple Grove for $14.7 million.
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