JLL Capital Markets announced today that it arranged $10.43 million in financing for Sanctuary Business Center, a state-of-the-art, newly constructed distribution center totaling 137,179 square feet in Blaine, Minnesota.
JLL represented the borrower, Capital Partners, and secured the five-year loan from Regional Bank. Notable loan terms include 65 percent LTV, interest only, and no prepayment penalty.
Sanctuary Business Center features 32-foot clear heights, 31 loading docks, two drive-in doors, 20 trailer stalls and 157 parking stalls. The Class A facility was delivered in December 2022 and sits on 18.5 acres at 10201 Xylite St NE.
The property is strategically positioned near the I-35W and 95th Ave NE interchange in the dynamic Northeast submarket. Sanctuary Business Center has efficient access throughout the metro area via multiple interstates and highway including Highway 610, 65 and 10. The Northeast submarket boasts the highest occupancy of all submarkets in the Twin Cities and has the lowest level of new development currently under construction insulating investors from competing with excess supply.
