Permanent financing to the tune of $9.9 million has been arranged for the historic Pence Building in downtown Minneapolis, according to a news release issued Wednesday by CBRE Capital Markets, which arranged the deal for the building's owner.
Located at 800 Hennepin Av., the 91,446-square-foot Pence Building contains mostly office space and has two skyway connections. The property is listed on the National Register of Historic Places because it was one of the largest Buick dealships in the country in the early 1900s.
The new financing secured by the CBRE Capital Markets team permits the borrower to refinance their current loan on the property, taking advantage of current low-interest rates. CBRE said it secured the long-term loan for the Pence Building through its relationship with Morgan Stanley.
“Morgan Stanley viewed the Pence Building as a nice opportunity to finance a stabilized [central business district] asset in the area of downtown that is dominated by the Target headquarters,” said CBRE's Doug Seylar in a statement.
Hennepin County property records indicate the building was built in 1909 and is owned by Turnstone 800 LLC, an entity based in Atlanta, Ga. It was purchased by the firm for $8.2 million in 2007, property records state.
Janet Moore covers commercial real estate for the Star Tribune.