$57.27M acquisition financing secured for eight-asset industrial portfolio in Minnesota
JLL Capital Markets led financing efforts for Capital Partners & Eagle Realty Group
MINNEAPOLIS, Oct. 30, 2023 – JLL Capital Markets announced today that it 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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.