Madison Equities, downtown St. Paul’s largest property owner, is marketing six office buildings in addition to two parking ramps for sale.
The office buildings, including the landmark First National Bank Building, total more than 1.6 million square feet, reported the Pioneer Press. The portfolio, which is being marketed by CBRE, also includes a restaurant and a parking lot. Madison is seeking all-cash offers for the buildings at below replacement cost. “If we had a full offer that worked for us, that would be the preference,” said CBRE First Vice President Stecve Lysen.
The building properties include the First National Bank Building, the Alliance Center, the U.S. Bank Center, the Empire Building and Endicott Arcade, the Park Square Court Building, and the Handsome Hog.
Madison Equities was owned by Jim Crockarell, who passed the portfolio onto his wife, Rosemary Kortgard. after his death earlier this year. Crockarell was thought to be the downtown area’s largest private building owner, with stakes in more than 30 buildings.
The post Madison Equities Selling Downtown St. Paul Portfolio appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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