Heard on the Street: Rochester retail complex sells for $4.5 million
A Wisconsin firm bought a retail strip center along Rochester's 41st Street Northwest for about $4.5 million last week.
The 17,920-square-foot complex that houses Five Guys Burgers and Fries, Scrubs & Beyond, Sushi Nishikiand other businesses was purchased on July 3 by Sara Investment Real Estateof Madison, Wis. under the corporate name of Rochester Marketplace Property Group LLC.
While Sara Investment confirmed the purchase, the executive in charge of the Rochester acquisition was not available Tuesday for comment. With the building fully leased, the company most likely bought it as an investment property and won't make any major changes.
That commercial strip at 2870 41st St. N.W. was built in 2000 as part of the overall Rochester Marketplacedevelopment by the Twin Cities developer Ryan Cos. US Inc.The building stands in front of Rochester's SuperTarget Northand the nearby Home Depotstore.
Bishop Management Co., of Rochester, bought that piece of the development from Ryan Cos. for $4 million in February 2003. 2B Rochester Market Place, LLC, which is a Bishop company, made the sale to Sara Investment, according to Olmsted County property records.
Ryan sold the rest of its property in Rochester Marketplace in September 2003 to The Inland Real Estate Group of Companies, of Oakbrook, Ill.
Target, Home Depot, Applebee's,Taco Bell and Ashley's Hallmarkown their sites in Marketplace. The building that houses Jimmy John's, Domino'sand Jiffy Lubeis owned by Michael Baynes, of Eden Prairie, Minn. —Jeff Kiger