Everyone knows lots of properties are selling in Rochester, though, in many cases, only the buyers know what is coming next.
Mayo Clinicsold three open lots plus one with a 97-year-old house in southwest Rochester for $720,000 on the final day of March.
The four parcels are on 14th Avenue Southwest, which runs along the west side of Saint Marys Hospital. Olmsted County estimates the total value of the real estate at $140,000.
Here's what Mayo Clinic had to say about the deal.
"We did sell four parcels recently (313, 317, 323 and 327 14th Ave, SW) to ' 1406 Second Street Associates.' You will need to contact the buyer's representatives for any additional info/comment on their plans for the parcels," wrote Ginger Plumbo,of Mayo Clinic Communications, in an email response to questions.
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Rochester developer Nick Pompeian , who owns the Brentwood on 2nd and Ray-Mar hotels at the corner of 14th Avenue Southwest and Second Street, is a representative of the local investors behind 1406 Second Street Associates.
He confirmed the purchase Monday, but couldn't discuss any future plans for the new property.
However, the real estate does seem to support the longtime buzz that a major redevelopment is coming for that ever-so popular block.
As Destination Medical Center very slowly ramps up, the prospect of sitting in the shadow of Mayo Clinic's busy hospital has a lot of people eagerly putting together potential deals.
AUTO ROW DEAL:Of course, Second Street isn't the only place for commercial real estate deals in Rochester these days.
A parcel of open land between the dealerships on "Auto Row" in northwest Rochester and the Minnesota School of Businesswas purchased for $950,000 on March 29. Olmsted County estimates the value of the land in the Pennington Business Parkat $643,400.
I doubt anyone will be too surprised by the buyer and seller in this deal.
Lupient Rochester Properties LLCbought the grassy lot from MSB (Minnesota School of Business) Holdings Rochester LLC . The keyword in that deal is "Lupient." The Twin Cities-based Lupient Auto Groupowns Lupient Buick GMC at 4646 US 52, which is near the open land.
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No one at the Lupient in the Twin Cities or in Rochester were available to discuss this purchase. Hopefully, I'll be able to say more about the plans there soon.
