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St. Paul, Minnesota office buildings sell at 90% and 95% discounts.
St. Paul’s historic First National Bank Building was sold for $3.8 million, 10% of the $37 million paid for the building in 2015. Less than $4 per square foot.
“There’s probably $7 million or $8 million in deferred maintenance.” "Chillers, elevators, escalators and other mechanicals all need overhauling." buyer Jamie Rand said.
It consists of three interconnected buildings with more than a million square feet of space.
Last month Jamie Rand purchased the 668K SF Great Northern Building in St. Paul for $1.92 million, 5% of its $40 million purchase price in 2014. Less than $3 per square foot.
--startribune / twin cities pioneer press
#commercialrealestate

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