Artis Real Estate Investment Trust announced that it has purchased the Stinson Office Park in the Midway submarket of Minneapolis/St. Paul for $44 million according to the Minneapolis Star Tribune. The Canadian REIT bought the property from ERP Stinson Associates, a local investor group that includes Will Hoeg of Eagle Ridge Partners. The purchase price represents a going-in capitalization rate of 7.7%, is expected to be financed with cash on hand and from the proceeds of a new $28.6 million 5-year mortgage bearing interest at a floating rate currently equivalent to 3.25% per annum.
Stinson Office Park is currently 97% occupied with major tenants including Fairview Health Services and UCare. The 307,045 square foot office complex includes an additional parking structure providing 1,703 parking stalls.
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