Landmark St. Paul Building Sold to SARA Investment Real Estate
Tuesday, September 27, 2016 – Colliers International | Minneapolis-St. Paul is pleased to announce the sale of 10 River Park Plaza in Saint Paul. The building, located on the Mississippi riverfront, was owned by Cohen Equities, and sold to SARA Investment Real Estate for $42.6 million.
“River Park Plaza has become a case study for our investment platform,” said Meir Cohen, Cohen Equities’ Chairman and CEO. “It has all of the features that we look for in an investment – strong leasing demand and tenant base, competitive physical advantages (in this case, parking) and fundamental relative value. It’s a case study from an investment perspective, but also in what an enormous difference first-class brokerage and property management can make. The Colliers team has been with us through every step of the investment and we couldn’t have asked for a more professional and impactful partner.”
“Colliers and Welsh are proud to have represented Cohen Equities as they took ownership of 10 River Park Plaza,” adds Bob Pounds, Senior Vice President with Colliers International | Minneapolis-St. Paul. “Together, the partnership between an aggressive, well-capitalized owner, and thoughtful management and leasing, has transformed 10 River into an iconic gem overlooking the St. Paul skyline.”
“From its high-quality tenants to its highly-desirable location, 10 River Park Plaza will serve as a great addition to our growing portfolio in the Twin Cities region,” said Traci Dalsin, President of SARA Investment Real Estate. “Its iconic views and recognizable façade are a testament to the level of care provided by its previous owner; providing a strong asset for our investment partners and an accurate representation of the caliber of properties we pursue.”
Cohen Equities purchased River Park Plaza through an auction site on July 24, 2015. Since then, they have made significant interior and exterior improvements, including an upgraded lobby and common area, improved conferencing and fitness center. The firm also executed on a rapid leasing program for the asset, executing on a number of new large leases and expanding its anchor tenant, Comcast. The building is currently at 88% occupancy, with tenants including the Twin Cities Pioneer Press, Comcast, and Gillette Children’s Specialty Healthcare.