Real estate selloff: Algoma Central sells downtown Sault office tower for $4.4 million.

• Author: Helwig, David
• Position: SAULT STE. MARIE REPORT

Algoma Central Corp. has sold its six-storey Station Tower in downtown Sault Ste. Marie for $4.4 million.

The landmark 61,000-square-foot professional and commercial building next to Station Mall has been purchased by a group of local investors.

The deal closed Sept. 25.

The sale by the St. Catharines-headquartered business is part of a strategy to sell off its real estate holdings and redirect capital to modernizing its domestic dry-bulk fleet and pursuing other opportunities in international shipping.

"I believe it is a great situation for the building to be sold to local ownership," said James Caicco, broker of Century 21 Choice Realty Inc., who represented the local buyers in the transaction.

"The Station Tower is widely regarded as the city's premier office tower."

"The local buyers plan to maintain this status and make several improvements to the building in the short term. The local investment in the building will benefit current tenants, future tenants, and visitors to the building."

Algoma Central Corp. was founded as Algoma Central Railway Co. in 1899 by Francis H. Clergue, who needed a rail line to carry his iron ore and...