10 River Park Plaza sells in St. Paul

The 10 River Park Plaza in St. Paul has sold for the second time in two years.

The eight-story office building sits across the Mississippi River from downtown and has an occupancy rate around 90 percent with tenants such as Gillette Children’s Specialty Healthcare, the St. Paul Pioneer Press and Comcast.

New York-based Cohen Equities purchased the property last summer for more than $20 million at auction and then invested money to renovate the common areas of the building including the conference and fitness centers and lobby.

In this latest transaction, Cohen sold the building to Wisconsin-based SARA Investment Real Estate for nearly $43 million.

“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, in a statement. “Its iconic views and recognizable facade 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.”

Colliers International marketed the property.

Clear Night Group is moving into North Loop’s Maytag building

St. Paul-based Clear Night Group will be the main tenant of the new Maytag building in the North Loop of Minneapolis when it moves several marketing firms it recently acquired into the building next spring.

The Maytag building, which had been commonly referred to as the Gardner Hardware building, is currently under renovation.

Clear Night’s recently purchased firms — Gabriel deGrood Bendt, GdB Pitch, Ackmann & Dickenson, and Modern Climate — will occupy 25,000 square feet, all three floors of office space at the building. The ground level and basement space of the Maytag, located at 515 Washington Av. N., are slated for a restaurant and/or bar.

“Having these companies all together in one building, on one campus, will help us meet client needs more directly and efficiently,” said John Hyduke, president and CEO of Clear Night Group, in a statement.

Nicole Norfleet

 

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