A long-empty Med City retail space was recently purchased for $4.39 million as it undergoes renovation to house a new home decor store.
Rochester AH Ventures LLLP of Mendota Heights, Minn., bought the former south ShopKo store at 2820 US Highway 63 on Aug. 2. Rochester AH, which paid $48.7 per square foot, made a $1 million down payment on the three parcels, which includes the 90,000-square-foot building.
Shopko, under the name of 2820 Highway 63 South LLC, sold the 39-year-old property near Menards South.
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The Wisconsin-based Shopko closed its two Rochester stores in 2019 . The building has mostly been empty since then. In 2020, seasonal retailer Spirit Halloween leased part of the store for a few months.
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Olmsted County has estimated the total market value of the building and land at $3.12 million for 2021-2022.
This real estate deal comes as the building is undergoing a $2.36 million renovation for a new tenant, At Home - the Home Decor Superstore.
The Plano, Texas-based At Home confirmed its plans for the Med City location this week.
"The Rochester store is scheduled to open in February of 2022. At Home looks for locations in high-traffic retail nodes with great access and in close proximity to its core customers and other best in class retailers," wrote Carey Marin of At Home. "This location has all of those components and we are looking forward to being in the Rochester community."
At Home, which has Minnesota stores in Blaine and Burnsville, is already revamping a former Wal-Mart store in St. Paul to serve as a new location.
The Texas company is in growth mode. In July, it opened three stores in Princeton, NJ, Abingdon, Md., and Temecula, Calif. It currently has 226 stores in 40 states.
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