CBRE arranged the acquisition financing for a 109,000-square-foot industrial portfolio featuring five buildings in New Brighton and Roseville, Minnesota.
Saber Hall and Quality Trusted Commercial Construction & Roofing, Inc., both Minnesota-based firms, purchased the portfolio in a joint venture from an undisclosed seller.
CBRE’s Billy Mork, Joel Torborg, and Mike Vannelli of CBRE Capital Markets’ Debt and Structured Finance team in Minneapolis secured the 65% loan-to-value, fixed-rate, full-term interest-only loan on behalf of the buyers.
The portfolio consists of 21 tenants across five small-bay industrial properties, with an average tenant size of 5,200 square feet.
- Gateway Business Center is located at 2100 W. County Road C in Roseville. The building totals 48,884 square feet and features 17-foot clear heights, two dock doors, four drive-in doors and 190 parking stalls.
- New Brighton Business Park is located at 833–899 Third St. SW in New Brighton. The four buildings total 15,000 square feet each and feature 14-foot clear heights, 22 drive-in doors and 121 parking stalls.
Saber Hall will oversee property management following the acquisition.
