CBRE has arranged the acquisition financing for a 109,000-square-foot industrial portfolio featuring five buildings in New Brighton and Roseville, Minnesota.
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 portfolio consists of 21 tenants across five small-bay industrial properties, with an average tenant size of 5,200 square feet. Saber Hall will oversee property management following the acquisition.
“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.”
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