REITs Artis, Inland American Pull Back on IDS Center

MINNEAPOLIS—Artis REIT, based in Winnepeg, Canada, denied in a statement Monday that it is not moving forward on a reported plan to buy IDS Center, the tallest building here, for $260 million.

The statement, which confirmed the center “is not a property Artis has under contract or letter of intent,” pushed Inland American Real Estate Trust to reportedly pull back on a sale of the asset. The Inland trust had put the property on the market, without a price, this past summer. The REIT has owned the building for six years.

Inland bought the 1.4-million-sq.-ft. building in 2006 for $277 million. Wells Fargo provided $125 million in 2009 to refinance the building.

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