A real estate investment trust from Canada is buying the Canadian Pacific Plaza in downtown Minneapolis.
Artis REIT of Winnipeg announced Monday it will pay $68.6 million for the 26-story, 394,000-square-foot office tower.
The sale is set to close Tuesday.
Artis is purchasing the property from New York-based Ladder Capital Corp. at a good time. The building is 98 percent leased with many of its large tenants locked into leases that won't expire for years. Its anchor and namesake tenant, Canadian Pacific Railway, occupies 23 percent of the building and has a lease until 2027.
Ladder purchased the property in 2013 for $51.5 million and is reaping a 33 percent gain with this week's sale.
The Class A property's surroundings are much different today than when it opened in 1960. It is now kitty-corner from the 1990s-era Capella Tower and across the street from the 1980s-era U.S. Bank Plaza and Fifth Street Towers. The building is also now flanked by two light rail stations and skyway-connected to a large network of services.
While only the 21st-tallest building in downtown Minneapolis, it was the highest building constructed in the 1960s.
Canadian Pacific Plaza has a 147-stall parking ramp with valet services, a conference center and a full-service fitness center.
Artis has been aggressively expanding its Minnesota portfolio over the last five years. Industrial is its largest segment, but the real estate investment trust also owns several retail and office properties around the Twin Cities metro area.
It sold 605 Waterford Park, a 12-story office complex in Plymouth last month for $31.5 million.
Artis did not return a request for comment.