Downtown St. Paul’s largest property owner to sell portfolio
St. Paul’s largest property owner is looking for a buyer for its entire portfolio.
Madison Equities is selling six downtown office buildings with more than 1.6 million square feet between them, including the landmark First National Bank Building. The portfolio also includes two parking garages, a restaurant and a parking lot.
According to the offering memorandum, property owners have not set a price for the sale. They’re encouraging prospective buyers to make offers on the entire portfolio, or on individual properties. The sellers say a call for offers and bid due date might be set at a later time.
Sellers are pitching the buy as an opportunity to redevelop and bring new life to downtown.
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Two of the buildings, the Alliance Center and the First National Bank Building, currently have occupancy rates at less than 50 percent, according to the memorandum.
“Investors can add value by leasing vacancy and increasing net operating income as people make their way back to work,” the memorandum reads.
The memorandum says another two of the buildings are unoccupied. One of them — Park Square Court at 400 Sibley Street — is “shovel ready” for redevelopment as a hotel.
Until recently, Madison Equities was owned by Jim Crockarell. As the Pioneer Press reports, after Crockarell’s death in January, the portfolio went to his wife, Rosemary Kortgard.