Heard on the Street: Downtown commercial center sells for $1.1 million
The Rochester business center anchored by Dison's Cleanersat the northern edge of downtown sold for $1.1 million last week.
LNI Dison Center, one of well-known Rochester real estate investor Les Nelson 's companies, sold both the main 58-year-old building at 214 N Broadway plus a smaller auto shop tucked behind it at 203 First Ave. NE. It's a couple years younger than the main retail center by the railroad tracks.
The company that bought the buildings under a contract-for-deed deal is Skiathos LLC, which is based in Rochester. For the record, Skiathos is the name of the Greek island where the movie "Mamma Mia" was filmed.
The Greek reference makes sense, because the company's address also is the home of Rochester restaurant and real estate owner Tasos Psomas. He wasn't available for comment on Thursday, so his exact involvement in the deal is unclear. He owns the popular Pannekoeken restaurant at 6 First Ave. NW and is involved with other downtown properties.
In addition to Dison's, the building's tenants include Broadway Dental Care, Smart Home Innovations and Nelson Cheese.
Nelson owned the building for about 12 years. He purchased it in February 2003 for $1.7 million from Richard Dison. The center remained essentially the same during his ownership, with tenants like Dison's and Nelson Cheese unchanged.
Nelson, based in Clear Lake, Iowa, also has closed on a two-bedroom condominium in the upper floors of the Holiday Inn at 220 1507 S Broadway.
Through his company LNI Floorco LLC, he purchased the condo from Abdel Aziz Farahon Jan. 1 for $110,000. LNI Floorco also owns a one bedroom condo in the Holiday Inn. — Jeff Kiger