JLL Capital Markets arranged the $57.27 million acquisition financing for an eight-building industrial portfolio totaling 941,564 square feet spread across Eagan, Brooklyn Center and Fridley, Minnesota.
JLL worked on behalf of the sponsors, a joint venture partnership between Capital Partners and Eagle Realty Group, to secure the five-year, 65% LTV, fixed-rate loan through a JLL correspondent life insurance company.
The portfolio boasts an overall occupancy of 98.5%, with only 14,250 square feet of vacant space. The diverse property mix offers 16- to 30-foot clear heights and a 23-tenant multi-tenant roster. The Minneapolis/St. Paul industrial market is comprised of 351 million square feet of rentable space and boasts an overall vacancy rate of 2.6%.
The JLL Capital Markets Debt Advisory team was led by Senior Director Bill Mork.
