Algoma Central Corporation announces sale of Station Tower in Sault Ste. Marie
Algoma Central Corporation announced September 27 it has sold Station Tower, an office building located in Sault Ste. Marie, Ontario. The net proceeds from the sale were C$4.4 million.
Station Tower is a 61,000-square-foot office building consisting of a diverse mix of commercial and professional services offices. As announced June 27, the company has temporarily suspended efforts to sell the Station Mall in Sault Ste. Marie. As a result, sale of the Station Tower marks the completion of this phase of the divestiture of the company’s real estate holdings.
The company’s decision to sell its real estate holdings is a result of a new strategic objective to direct capital to the renewal of the domestic dry-bulk fleet and to new opportunities in international shipping.