Dealmaker: JLL Closes $64M in Office, Multifamily Transactions

JLL, Chicago, closed $63.8 million in office and apartment property transactions in Minnesota and Colorado.

In Eden Prairie, Minn., JLL Senior Managing Director Doug Opalka, Senior Director Chris McColpin and Analyst Alastair Barnes arranged a $26.6 million acquisition loan for UnitedHealth Group’s Optum Campus, a 473,325-square-foot fully leased office campus at 13625 & 13675 Technology Drive.

A commercial mortgage-backed securities lender provided the financing to Virtus Real Estate Capital, Austin, Texas.

Completed in 2001, the mid-rise office complex has three buildings triple-net leased to Optum, a UnitedHealth Group company. Located less than 20 miles southwest of downtown Minneapolis, the suburban office property is near the intersection of Interstate 494 and U.S. Highway 212, giving easy access to multiple interstate and state highway systems.

Cottonwood Terrace apartments

JLL also completed the $37.25 million sale and $28.5 million financing of Cottonwood Terrace apartments in Colorado Springs. It represented seller Peak Capital Partners, Provo, Utah, which sold Cottonwood Terrace to Oak Coast Properties, Los Angeles. JLL also secured Oak Coast Properties’ 12-year fixed-rate Freddie Mac financing.

Garden-style Cottonwood Terrace includes 20 buildings housing 200 units on 8.2 acres. Units average 819 square feet. The community is close to the U.S. Air Force Academy and the U.S. Olympic Headquarters

JLL’s team representing the seller was led by Managing Director Jordan Robbins and Directors Mack Nelson and Chris White. Senior Managing Director Charles Halladay, Senior Director Brock Yaffe and Director Rick Salinas led the financing team.

“Cottonwood Terrace is a great investment opportunity with a historically strong performance,” said Robbins. “It is a tremendous value-add property with plenty of room for renovations to continue increasing the value of the community.”