CBRE Arranges Acquisition Financing for 109,000-SF Industrial Portfolio in New Brighton and Roseville, Minnesota

CBRE has arranged the acquisition financing for a 109,000-square-foot industrial portfolio featuring five buildings in New Brighton and Roseville. Saber Hall and Quality Trusted Commercial Construction & Roofing, Inc., both Minnesota-based firms, purchased the portfolio in a joint venture from an undisclosed seller.

CBRE’s Billy Mork, Joel Torborg, and Mike Vannelli of CBRE Capital Markets’ Debt and Structured Finance team in Minneapolis secured the 65% loan-to-value, fixed-rate, full-term interest-only loan on behalf of the buyers.

“The loan size, granular rent roll, mark-to-market rent story, and strong local sponsorship made this a competitive bidding process for life insurance companies and banks,” said Mork. “Ultimately, we secured favorable acquisition debt for the buyers, allowing them ultimate flexibility to execute their business plan.”

The portfolio consists of 21 tenants across five small-bay industrial properties, with an average tenant size of 5,200 square feet.

• Gateway Business Center is located at 2100 W. County Road C in Roseville. The building totals 48,884 square feet and features 17-foot clear heights, two dock doors, four drive-in doors and 190 parking stalls.
• New Brighton Business Park is located at 833–899 Third St. SW in New Brighton. The four buildings total 15,000 square feet each and feature 14-foot clear heights, 22 drive-in doors and 121 parking stalls.

Saber Hall will oversee property management following the acquisition.