Heard on the Street: North Broadway gas station up for auction
A north Rochester gas station and car wash is on the auction block to be sold to the top bidder.
AmeriBid, through Rochester representatives Samantha Carlsonand Jacob Hart, is managing the auction of the Sinclair station at 1401 North Broadway. The station, which is across the street from the Silver Lake Shopping Center, is being sold by the owner, Tulsa, Okla.-based LMMS Properties.
Sealed bids are already being accepted by AmeriBid.com. The auction is slated to end on March 6. Public showings for prospective buyers are scheduled on Feb. 13 and Feb. 27.
Carlson said a new owner could have the two buildings remain as a gas station. They also could be revamped or demolished to be used for some other type of business. If that's how the deal plays out, the current owner will dig up and remove the underground fuel tanks prior to the sale.
One attractive selling point, Carlson said, is that a new apartment complex is being planned on the land directly behind the Sinclair station on the bank of the Zumbro River. Premier Cos.of Des Moines is partnering with Rochester developer Andy Chafouliasto build a proposed 85-unit complex on the site of the former Silver Lake Travel Trailer Park.
This sale involves only the North Broadway station. Although another Rochester Sinclair station at 205 Sixth St. S.W. near the Soldiers Field Memorial is also for sale, it is not part of this auction. It is being sold by a different owner.
LMMS acquired the Sinclair in 2010 for $322,000. Tom Severson, who owned the station for nine years, previously sold it for $650,000 in 2007.
Columnist, blogger and reporter Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in Heard on the Street.