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Olmsted County tallies 151 real estate deals of more than $1 million in 2021

The year 2021, a year without many business highlights, turned into a big one for real estate in Rochester with 151 transactions of more than $1 million.

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The year 2021, a year without many business highlights, turned into a big one for real estate in Rochester with 151 transactions of more than $1 million.

The largest deal was the January sale of the Med City’s first “gated community” — Springs at South Broadway. Minneapolis- Timberland Partners Investments paid $43.3 million for the 228-unit housing community at 560 28th St. SE. As part of the deal, the name was changed to Vista at South Broadway.

That is Olmsted County’s largest real estate transaction in the past five years, according to state records.

Out of the past five years, 2021 tallied the biggest numbers in real estate deals with its top five sales adding up to $150.9 million. That is based on public records. It is possible some 2021 transactions are still being processed and have not been published yet.

In 2020, Olmsted County processed 86 transactions of more than $1 million, up from 72 in 2019 and down from 107 in 2018. The year 2017 marked 69 deals of more than $1 million.

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The year of 2018 was the second highest with 107 $1 million-plus deals with its top sales tallying up to $116.48 million.

Following the Springs/Vista deal, the next four largest transactions for 2021 included:

  • Red44, a five-year-old Rochester apartment complex at 839 16th St. SW was purchased for $34 million by Regency Multifamily on Sept. 22. 
  • Rochester's Falcon Heights townhome community, a 120-unit, 15-building development at 1111 Killdeer Lane SE and 1120 Killdeer Lane SE was purchased on Nov. 1 for $32.5  million by Falcon Heights-DS, Rochester LLC and Falcon Heights Townhomes LLC, both of Fargo, N.D.
  • Crenlo Engineered Cabs sold its cab-making plant at 2501 Valleyhigh Drive NW for $21.5 million on June 29 to an Arizona-based net-lease real estate investment trust, STORE Capital Corp. As part of the sale, Crenlo agreed to lease back the property for 200 months.
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  • The Barlow Plaza shopping center  on the corner of Civic Center Drive and 11th Avenue Northwest was purchased for $20.15 million by San Francisco-based Glen Una Management Co. on June 22.

Commercial properties were not the only Olmsted County transactions that topped a $1 million in 2021. Amid the tight housing market, several big-ticket homes also changed hands.
Here are the top five single family residential properties without farmland that were sold last year, according to state records.

  • A house at 912 Eighth St. SW in Rochester sold for $2.59 million on Nov. 1.
  • A house at 1248 Baird Lane NE in Rochester sold for $2.45 million on July 30.
  • A house at 722 Irvin Lane SW in Rochester sold for $1.779 million on Nov. 23.
  • A house at 1305 Fox Grove Place SW in Rochester sold for $1.772 million on July 15.
  • A house at 1320 Hamlet Road SW in Rochester sold for $1.62 million on Sept. 16.

Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in "Heard on the Street." Send tips to jkiger@postbulletin.com or via Twitter to @whereskiger . You can call him at 507-285-7798.

Heard Around Rochester - Jeff Kiger.png

Jeff Kiger writes a daily column, "Heard Around Rochester," in addition to writing articles about local businesses, Mayo Clinic, IBM, Hormel Foods, Crenlo and others. The opinions of my employer do not necessarily reflect my opinions. He has worked in Rochester for the Post Bulletin since 1999. Send tips to jkiger@postbulletin.com or via Twitter to @whereskiger . You can call him at 507-285-7798.
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