{"id":1004130964,"date":"2015-11-09T08:00:51","date_gmt":"2015-11-09T16:00:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004130964"},"modified":"2020-05-18T22:37:38","modified_gmt":"2020-05-19T06:37:38","slug":"canadian-anchored-tower-gets-new-owner-to-match","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/canadian-anchored-tower-gets-new-owner-to-match\/","title":{"rendered":"Canadian-Anchored Tower Gets New Owner to Match"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/em><\/p>\n

\"Canadian<\/a>

Canadian Pacific Plaza<\/p><\/div>\n

In an effort to expand its Twin Cities portfolio, Artis Real Estate Investment Trust<\/a> of Winnipeg, Manitoba, has struck a deal to buy Canadian Pacific Plaza, a Class A office building located in downtown Minneapolis.<\/p>\n

The REIT purchased the 393,884-square-foot asset from New York-based Ladder Capital Corp.<\/a> at a price of $68.6 million and a 7.5 percent cap rate. Artis will also assume the mortgage on the property, which carries a 3.39 percent effective interest rate and matures in November 2023.<\/p>\n

\u201cWe are pleased to demonstrate our ability to prudently recycle capital, disposing of non-core assets at attractive capitalization rates and strategically redeploying the proceeds to high quality, accretive acquisitions in our target markets,\u201d said Artis CEO Armin Martens in a statement.<\/p>\n

Formerly known as One Financial Plaza, the 26-story tower at 120 S. Sixth St. was renamed in 2012 when the Canadian Pacific Railway<\/a> moved its U.S. headquarters and 400 employees there from the adjacent Soo Line Building. The Canadian company currently occupies 23 percent of Canadian Pacific Plaza under a long-term lease that expires in 2027.<\/p>\n

The 55-year-old skyscraper is connected to the Minneapolis Skywalk System and is adjacent to dual Light Rail Train stations connecting it to Minneapolis-St. Paul International Airport and the Mall of America. Amenities include a 147-space parking garage, conference center, fitness center and 24-hour security card access.<\/p>\n

Last month, Artis REIT also completed the sale of 605 Waterford Park, a 12-story office asset in Plymouth, Minn., for $31.5 million.<\/p>\n

Photo courtesy of Hempel Companies<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A Class A office tower in downtown Minneapolis has changed hands for a hefty price tag.<\/p>\n","protected":false},"author":192,"featured_media":1004130965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,36076,21742,21747],"tags":[],"class_list":["post-1004130964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-minneapolis-st-paul","category-latest","category-office"],"acf":[],"yoast_head":"\nCanadian-Anchored Tower Gets New Owner to Match - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/canadian-anchored-tower-gets-new-owner-to-match\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian-Anchored Tower Gets New Owner to Match\" \/>\n<meta property=\"og:description\" content=\"A Class A office tower in downtown Minneapolis has changed hands for a hefty price tag.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/canadian-anchored-tower-gets-new-owner-to-match\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-09T16:00:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-19T06:37:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/Canadian_Pacific-12.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/canadian-anchored-tower-gets-new-owner-to-match\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/canadian-anchored-tower-gets-new-owner-to-match\/\",\"name\":\"Canadian-Anchored Tower Gets New Owner to Match - 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