Bill Mork, vice president of Northmarq’s Minneapolis office, secured acquisition financing of $28,82 million for the Centre Pointe Business Park in Mendota Heights, Minnesota.
The eight-building, single-story, professional suburban office park is located at 2060 Centre Pointe Blvd. CBRE represented the seller in the transaction.
The permanent-fixed loan was arranged for the buyer, Edina-based Capital Partners, which is seeking out investment opportunities in the Twin Cities.
The transaction was structured with a 10-year term with an interest-only period on a 25-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a local credit union.
Additionally, Northmarq was able to meet its client’s requirements for high-leverage acquisition financing with future funding for capital expenditures, tenant improvements and leasing commissions.
Centre Pointe Business Park, which totals 263,279 square feet, was built in three phases beginning in 1997, with the last phase completed in 2019. Eighteen tenants call the park home, including Permasteelisa North America Corp.’s corporate headquarters and HealthPartners, Inc.
The portfolio was 95 percent leased at the time of the sale with 4.20 years of weighted average lease terms (WALT) remaining.
The park’s location makes it attractive to tenants, as it is accessible to major freeways and convenient to both downtown St. Paul and Minneapolis and the Minneapolis–Saint Paul International Airport.
