We see that you have javascript disabled. Please enable javascript and refresh the page to continue reading local news. If you feel you have received this message in error, please contact the customer support team at 1-833-248-7801.

ADVERTISEMENT

ADVERTISEMENT

Downtown Med City complex sold for $14 million

City Centre, the 45,000-square-foot complex at 310 S. Broadway, was purchased on May 19 by Rochester NNN3 LLC. for $311 per square foot or a total of $14 million. Real estate investor Dr. Matt Onofrio sold the property under the name of Advanced Auto LLC.

Heard Around Rochester - Jeff Kiger.png
We are part of The Trust Project.

A 13-year-old commercial complex in the heart of the Med City’s downtown recently was sold for $311 per square foot or a total of $14 million.

City Centre, the 45,000-square-foot complex at 310 S. Broadway, was purchased on May 19 by Rochester NNN3 LLC. Real estate investor Dr. Matt Onofrio sold the property under the name of Advanced Auto LLC.

He manages the commercial real estate investment firm, Wild Moose Ventures. Onofrio is also invested in a pair of historic downtown buildings, the connected Massey and Blakely buildings at 16 Second St. SW and 210 First Ave. as well as the Carpet One Floor & Home complex at 5139 West Frontage Road.

Onofrio said he had owned the skyway-connected City Centre, anchored by tenants RSM and the US Internal Revenue Service , since June 2020. Advanced Auto paid $12 million for the property.

The buyer, Rochester NNN3 LLC, lists a Las Vegas address, though Onofrio explained that City Centre was acquired as an investment by a dermatologist who lives in Modesto, Calif.

ADVERTISEMENT

Rochester NNN3 made a down payment of $3.15 million at the time of the deal.

The late Rochester developer Joe Weis built City Centre in 2008 . It was built on the site of the former Rochester Repertory Theatre building and stands between Andy Chafoulias’ H3 Plaza tower and the Mango Thai building.

Olmsted County estimated the total market value of the property at $9.87 million for 2021-2022.

EMBED: Jeff Pieters 'Sunrise Rochester' newsletter signup

What to read next
Hefe Rojo and the original Newt’s in downtown Rochester will close for good this weekend. The owners say downtown has "never bounced back from COVID" and they will focus more on their other restaurants, which have recovered.
For years Rochester has been without an old school hot dog cart serving passerbyers on the street. That changes as today, Justin Shellhart launches his hot dog cart, Bunz & Wienerz.
Mayo Clinic announced to staff on Wednesday that all allied staff will receive 6% raises in 2023 with some seeing pay increases of up to 9%.
Columnist Dean Swanson says this week we examine the scope of the problem facing small businesses in rural America.