$26.6M loan secured for suburban Minneapolis corporate campus
JLL Capital Markets arranged the loan for Virtus Real Estate Capital’s acquisition of the fully leased office property
AUSTIN, TX. – July 30th, 2020 – JLL Capital Markets announced today that it has arranged the $26.6 million acquisition loan for a 473,325-square-foot fully-leased office campus at 13625 & 13675 Technology Dr. in Eden Prairie, Minnesota.
JLL worked on behalf of the borrower, Austin-based Virtus Real Estate Capital, to place the 10-year, full-term, fixed-rate loan from a CMBS lender.
Completed in 2001, the mid-rise office complex comprises three buildings that are NNN leased to a Fortune 50 healthcare company. The state-of-the-art office campus offers a comprehensive amenity package including a cafeteria, fitness center, covered parking, auditorium, and impressive glass lines. Situated less than 20 miles southwest of downtown Minneapolis, the suburban office property is strategically located near the intersection of Interstate 494 and U.S. Highway 212, allowing for ease of access throughout the metro area via multiple interstate and highway systems. Also, in one of the Twin Cities’ largest suburbs, the office campus is conveniently placed to offer centralized care for the community and is surrounded by an abundance of desirable neighborhoods and renowned education systems.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Doug Opalka, Senior Director Chris McColpin and Analyst Alastair Barnes.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Virtus Real Estate Capital
Virtus Real Estate Capital, founded in 2003, is a hands-on, data-driven, curious investor that delivers compelling outcomes from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in challenging times, Virtus has purposefully worked to foster thriving communities that empower people to live better lives. Over the last 17 years, it has acquired 242 properties for a combined acquisition value of over $4.2 billion and has fully realized 179 property investments. With a strong and established track record, Virtus has proven successful in all phases of the market cycle. For more information, please visit virtusre.com.