JLL Capital Markets has arranged a $12.8 million refinancing for Northern Stacks VIII and The Boiler Room, a fully leased 178,763-square-foot industrial distribution and warehouse facility and a 13,186-square-foot brewery and events center in the first ring suburban Minneapolis community of Fridley, Minnesota.
JLL worked on behalf of the borrower, a joint venture between Minneapolis-based Hyde Development and Mortenson Properties, Inc., to place the seven-year, fixed-rate loan with a regional bank. Loan proceeds will be used to take out two acquisition and redevelopment loans.
Northern Stacks VIII and The Boiler Room are both located within the 122-acre Northern Stacks industrial campus, which was once home to a Naval Industrial Reserve Ordnance Plant. The campus is a sustainable, state-of-the-art business park that enables business development and brings thousands of jobs to the local economy.
Situated at 5101 Industrial Blvd. and 38 Northern Stacks Drive, the buildings are close to Interstate 694 positioned between the Mississippi River and a BNSF railway.
Northern Stacks VIII and The Boiler Room were renovated in 2020 and 2019, respectively, and are fully leased to five tenants. Home to Lindenmyer Munroe, Benchmark Logistics and R&R Machine Movers, Northern Stacks VIII offers a clear height ranging from 19 to 24 feet, 15 dock-high doors, one drive-in door, an active rail spur and ample parking.
The Boiler Room contains the Northern Stacks Events Center and Fridley’s first and only brewery, Forgotten Star Brewery, which recently won a gold medal at the 2021 Great American Beer Festival for its Schwarzbier German Dark Lager.
The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Brock Yaffe and Associate Britta Lund.
