MINNEAPOLIS, Mar. 25, 2024 -  JLL Capital Markets announced today that it arranged $10.43 million in financing for Sanctuary Business Center, a state-of-the-art, newly constructed distribution center totalling 137,179 square feet in Blaine, Minnesota.

JLL represented the borrower, Capital Partners, and secured the five-year loan from Regional Bank. Notable loan terms include 65 percent LTV, interest only and no prepayment penalty.

Sanctuary Business Center features 32-foot clear heights, 31 loading docks, two drive-in doors, 20 trailer stalls and 157 parking stalls. The Class A facility was delivered in December 2022 and sits on 18.5 acres at 10201 Xylite St NE.

The property is strategically positioned near the I-35W and 95th Ave NE interchange in the dynamic Northeast submarket. Sanctuary Business Center has efficient access throughout the metro area via multiple interstates and highway including Highway 610, 65 and 10. The Northeast submarket boasts the highest occupancy of all submarkets in the Twin Cities and has the lowest level of new development currently under construction insulating investors from competing with excess supply.

The JLL Capital Markets 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.

For more news, videos and research resources, please visit JLL's newsroom.

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Jones Lang LaSalle Inc. published this content on 25 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2024 14:24:00 UTC.