CBRE Lines Up $47M Loan for MN Office Campus
- Jan 09, 2019
CBRE’s Minneapolis-based Debt and Structured Finance Group has arranged a $47 million loan for Plymouth Corporate Center, a 630,000-square-foot office campus in Plymouth, Minn. Senior Vice President Joel Torborg secured the 10-year refinancing, which will cover the existing loan with Wells Fargo Bank. According to Yardi Matrix data, Wildamere Capital Management, the owner of Plymouth Corporate Center, took a $49.6 million loan from Wells Fargo in 2015, when it acquired the asset from Carlson Real Estate.
The two-story building is located at 1405 Xenium Lane and is almost entirely occupied. Major tenants include TCF Bank, Comm-Works, Aetna Health and LLSC Holdings Corp. The property was completed in 1974 and functioned as an industrial facility until 1998, when it was converted into office. However, a portion of it—approximately 135,000 square feet—continues to be used as industrial space.
Plymouth Corporate Center can be accessed via interstate 494 and is approximately 10 miles from downtown Minneapolis. The building includes acres of parking space, which can accommodate more than 2,200 vehicles. The corporate center was fully renovated in 2009.
The transaction comes a few days after CBRE’s Minneapolis Capital Markets closed a $26 million sale of a two-building, core-plus logistics portfolio in Rogers, Minn.,
Image courtesy of CBRE