Downtown Mpls. Office Building Fetches $51.5M

The Canadian Pacific Plaza, a 26-story office tower, was sold to CanPac Owner, LLC.

A large downtown Minneapolis office building was recently sold to a New York-based investment group for $51.52 million.

The Canadian Pacific Plaza—a 26-story office tower located at 120 South Sixth Street that was previously called One Financial Plaza—was sold in a deal that closed last week, according to recently released real estate documents.

The seller is listed as NEH I, LLC, and the buyer is listed as CanPac Owner, LLC. Records indicate that the transaction included both the building and the land on which it is located.

The sale of the Canadian Pacific Plaza marks the second major transaction involving downtown skyscrapers in recent weeks. Last month, a joint venture between Boston-based investment firm CrossHarbor Capital Partners, LLC, and locally-based WelshInvest sold the Oracle & International Centre, which includes a 20-story building and a 17-story structure.

The buyer of the Canadian Pacific Plaza is an investment group related to New York-based Ladder Capital Finance, LLC, according to a Finance & Commerce report (that requires a subscription). The newspaper reported that the seller is an investment group related to Minneapolis-based Hempel.