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St. Paul Offices Sell for Multifamily Conversion
CBRE recently represented Trident Pacific Real Estate Group in the sale of Cray Plaza, a 219,313-square-foot office building in St. Paul, MN, to Bigos-Galtier, LLC. Ryan Watts, Sonja Dusil, Judd Welliver, Tom Holtz and Bentley Smith, all of CBRE Minneapolis, represented the seller.
“Cray Plaza was one of the more unique deals we have worked on, given the property had gone back to the lender and potential buyers had the ability to acquire the property significantly below replacement cost,” said Smith.
“There was a lot of demand from the investment community, as value-add investors saw an opportunity to fix known issues and reposition the property,” he added. “In the end, the highest and best use was to convert the property to multifamily.”
Constructed in 1985, Cray Plaza is a seven-story multi-tenant office building in the Lowertown neighborhood of St. Paul’s CBD.
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