Northmarq Arranges $28.8M Acquisition Loan for Office Park in Mendota Heights, Minnesota

MENDOTA HEIGHTS, MINN. — Northmarq has arranged a $28.8 million loan for the acquisition of Centre Pointe Business Park in Mendota Heights, a southern suburb of the Twin Cities. The eight-building office park is located at 2060 Centre Pointe Blvd. Totaling 263,279 square feet, the property was built in phases beginning in 1997. The last phase was completed in 2019. The park, which was 95 percent leased at the time of sale, is home to 18 tenants, including Permasteelisa North America Corp. and HealthPartners Inc. Bill Mork of Northmarq arranged the 10-year loan, which features a fixed interest rate and a 25-year amortization schedule. A local credit union provided the loan to the buyer, Edina-based Capital Partners. CBRE represented the undisclosed seller.