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CBRE Arranges Sale of 78K-SF Minnesota Industrial Warehouse
CBRE has arranged the sale and acquisition financing for 610 Business Center, a 78,215-square-foot industrial warehouse in Brooklyn Park, Minnesota. The property was purchased by i3 Investors from Water Street Partners for an undisclosed amount.
CBRE’s Bentley Smith, Judd Welliver, Zach Graham, Ryan Bain, Joe Horrigan and Michael Caprile
represented the seller in the transaction. CBRE’s Billy Mork, Mike Vannelli and Joel Torborg of CBRE Capital Markets’ Debt and Structured Finance team in Minneapolis secured the fixed-rate, full-term interest-only loan on behalf of the buyer.
“Life companies are increasingly allocating capital to industrial real estate, and as a result, we continue to see strong bidding activity in the debt markets for high-quality, multi-tenant industrial assets, including 610 Business Center,” said Vannelli.
Located at 9300 Winnetka Ave., 610 Business Center offers convenient access to Interstate 94 via Highway 610. The property was fully leased by Southern Graphics Systems and Twin Cities Habitat for Humanity at the time of the sale.
