A Med City retail center sold for $7.5 million earlier this month.
Rochester Crossing, a strip mall at 3780 Marketplace Drive NW by Target North, was purchased by Moose Enterprises, LLC on July 1. The center, with 10 tenants, is anchored by Chipotle and Panera Bread.
Moose Enterprises lists a home in Eau Claire, Wis., as its address, though it’s incorporated in Minnesota at 1105 10th St. SW in Rochester.
Moose bought the 17-year-old strip mall from Shorewood, Minn-based Woodbury Hotel, LLC.
Olmsted County estimated the total market value of the property at $5.4 million for 2020-2021, up from $4.8 million for 2019-2020.
Woodbury acquired the property in 2006, from John B. Pfaff. Pfaff and his son, Brad J. Pfaff of White Bear Lake, bought the 21,492-square-foot building from Rochester Crossing Inc. in 2005. They paid $6.9 million.
In January 2003, Brad Pfaff explained that his family had several investment properties in Minnesota and Florida, though this was their first in Rochester.
"We liked the property and the market. We like the growth in the north sector of the city," he said soon after the purchase.
Rochester Crossing was built by Twin Cities developer Howard Paster of Paster Enterprises in 2003. Paster purchased the land for development for $1.43 million from a Madison, Wis., company that had considered building a hotel there.
Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in Heard on the Street. Send tips to firstname.lastname@example.org or via Twitter to @whereskiger. You can call him at 507-285-7798.