MINNEAPOLIS, MINNESOTA (October 27, 2022) – Bill Mork, vice president of Northmarq’s Minneapolis office, arranged the $33.88 million construction loan for the development of two business parks in Brooklyn Park, Minnesota and Dayton, Minnesota. The fixed rate construction loan was structured with a 4-year interest-only term. Northmarq secured financing for the borrower, a joint venture partnership between Capital Partners, a private real estate company based in Edina, Minnesota and Eagle Realty Group, a subsidiary of Western & Southern Financial Group.
Capital Partners owns and manages over 13 million square feet in the Twin Cities and is the largest privately held owner of industrial real estate in Minnesota.
“This is an exciting time for Capital Partners as they launch their development platform, expanding their rapidly growing presence in the Twin Cities industrial real estate sector,” said Mork. “Our team at Northmarq is happy to be a part of this transaction and we look forward to continued success with Capital Partners.”
The class “A” properties, 169 Logistics Center and Dayton Logistics Center, comprise of 395,250 sq. ft. and broke ground in September 2022 with expectations for construction to be completed in Spring 2023.
169 Logistics Center is located at SE Quadrant Highways 169 and 610, Brooklyn Park, Minnesota. Situated 9-miles northwest of Minneapolis, the two-building industrial site totals 147,250 rentable sq. ft. with 218 parking spaces and a 32 ft. clearance height.
Dayton Logistics Center is located at Brockton Lane North and 121st Avenue, Dayton Minnesota. Positioned on an 18.91-acre lot 16-miles northwest of Minneapolis, the single building industrial space totals 248,000 sq. ft. and includes 64 trailer parking spaces.