Artis REIT has plans to sell 17 properties (Minnesota Industrial Portfolio I) throughout the Twin Cities area in Minnesota.
The Minnesota Industrial Portfolio I comprises 17 properties totaling approximately 2.5 million square feet of leasable area. The sale price for the Minnesota Industrial Portfolio I was $248.9 million and represented a price per square foot of $100. After adjusting for outstanding mortgage financing of approximately $97.1 million and anticipated closing costs, the transaction generated total net proceeds of $148 million.
In another deal, Artis REIT sold a portfolio of six industrial properties in the Twin Cities area (Minnesota Industrial Portfolio II) and an office property in New Hartford, N.Y. The six industrial properties’ sale price is $74.8 million and represents a price per square foot of $108. The Hartford Corporate Plaza, a 123,210-square-foot office property, sold for $13.7 million.
“The sale of the two Minnesota industrial