MINNEAPOLIS—NorthMarq Capital’s Minneapolis office recently arranged a $203.5 million loan on behalf of MetLife and Allstate Insurance Company/Allstate Life Insurance Company for their acquisition of Normandale Lake Office Park. The partners bought the five-tower complex in suburban Bloomington from Sam Zell’s Equity Group Investments for a little bit more than $368 million, or roughly $100 million more than Chicago-based Equity paid for it in 2012. Northwestern Mutual is the lender.

The complex is one of the most notable office properties in the Twin Cities and consists of 1.7-million-square-feet of space, more than the CBD’s 55-story IDS Center. The purchase was just one of many big recent sales in the Twin Cities area as investors move in to take advantage of the region’s burgeoning economy. Florida-based Beacon Investment Properties LLC bought the IDS Center in 2013 for $253 million, for example, and KBS REIT II, Inc. just sold 601 Tower at Carlson Center in suburban Minnetonka to Artis REIT for $75 million.

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