Asset More Than Doubles in Value in Just One Year
Saint Paul, Minnesota – September 27th, 2016 – Cohen Equities announced today it has sold its 343,000 square foot office building at 10 River Park Plaza to Madison, Wisconsin-based Sara Investments for $42.65 million. Welsh and Colliers International represented Cohen Equities in the deal.
Cohen Equities acquired the asset in July of 2015 for $21.1 million. “I felt strongly that with the capitalization we could bring, leases would materialize quickly,” said Meir Cohen. Ownership made significant interior and exterior improvements, including an upgraded lobby and common area, improved conferencing and fitness center. The firm also took on a rapid leasing program for the asset, executing on a number of new large leases and expanding the property’s anchor tenant, Comcast. The building went from 47% occupied at acquisition to 89% at sale, with tenants including the Twin Cities Pioneer Press, Comcast and Gilette Children’s Specialty Healthcare.
“River Park Plaza has become a case study for our investment platform,” said Meir Cohen, Chairman and CEO of Cohen Equities. “It has all of the features that we look for in an investment—strong leasing demand and tenant base, competitive physical advantages (in this case, parking) and fundamental relative value. It’s a case study from an investment perspective, but also in what an enormous difference first-class brokerage and property management can make.”
About Cohen Equities
Cohen Equities is a national real estate investment firm that pursues commercial assets that present an opportunity to add value in both secondary and gateway markets. The company has successfully invested in and improved more than 9 million square feet of real estate across the United States. Led by Meir Cohen, a real estate veteran with more than 30 years of experience, Cohen Equities creates significant value through active management, leasing and repositioning activities. For more about Cohen Equities, please visit cohenequities.com.