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Wayzata Properties Lands Funds for 1M-Plus-SF Office Portfolio

WAYZATA, MN-The real estate investor more than doubled its holdings when it paid $112.5 million for two office complexes and a historic office building, all in the Twin Cities. Now the permanent financing has come through.

By Jim McCartney | Updated on May 09, 2005

WAYZATA, MN-Wayzata Properties LLC, which recently bought three major office complexes in the Twin Cities totaling 1.46 million sf of space, has now landed the perm financing for the portfolio. Wayzata financed the $112.5-million deal through Lehman Brothers in a permanent financing deal arranged by L.J. Melody & Co., the real estate investment banking division of CB Richard Ellis.

The three complexes, Pentagon Office Park, the Parkdales and 501 Marquette, were bought earlier this year by Wayzata Properties for $112.5 million from New York-based Colonnade Properties. Wayzata Properties is based in Wayzata and currently owns over 2.5 million sf of real estate. The firm is headed by Maciek Kaminski, an investment manager who started a mutual funding specializing in Poland equities. He is president and chief executive of Wayzata Capital Management.

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