Minneapolis–St. Paul

Minneapolis CBD leads Q4 office sales volume Chart of the week: December 21, 2015

• The largest overall deal so far in the quarter was the sale of Canadian Pacific Plaza to Artis REIT of Winnipeg for $68.6 million ($174 p.s.f.). The Minneapolis CBD building is over 98 percent leased with many large tenants locked into long-term leases. Canadian Pacific Railway, its anchor and namesake tenant, occupies a quarter of the building with a lease that expires in 2027. Since 2010, Artis has been a major contributor of FDI into the region as the trust aggressively expands its portfolio in Minnesota.

• The Southwest is proving to be the most desirable suburban submarket for investment. Just closed, New York-based DRA Advisors partnered with San Francisco-based City Center Realty to purchase the 450,000-square-foot Wells Fargo Plaza for $52 million ($120 psf) in cash. Located near Interstate 494 and France Avenue, the Class B building is currently 75 percent leased.

Sources: JLL Research, Real Capital Analytics

Southeast

Northeast

West

St Paul CBD

Southwest

Minneapolis CBD

$4,500,000

$7,850,000

$31,501,765

$37,250,000

$71,000,000

$136,815,185

$