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Real estate investor paid $1.85 million to purchase Austin retail center

KSL Properties, LLC, based in Blaine, Minn., purchased the 11,478-square-foot building that stands near Austin’s Walmart store. A Jimmy John’s sandwich shop and Total Fitness are two of the tenants occupying the complex that is completely leased.

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AUSTIN — A nine-year-old Austin retail center changed hands this week in a $1.85 million transaction.

KSL Properties, LLC, based in Blaine, Minn., purchased the 11,478-square-foot building that stands near Austin’s Walmart store. A Jimmy John’s sandwich shop and a Total Fitness gym are two of the tenants occupying the complex that is completely leased.

Glenville-based Mega Load Properties, LLC was the seller.

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The complex was built in 2012. As “a value-add component,” an additional buildable lot was also part of the transaction.

Tom Gommels , an investment specialist in Marcus & Millichap’s Minneapolis office, had the exclusive listing to market the property on behalf of Mega Load. Gommels also represented the buyer, KSL Properties, in the deal.

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In the announcement of the transaction, Gommels stated that it took 59 days from contract to close, “despite facing inspection and appraisal issues.”

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.

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Jeff Kiger writes a daily column, "Heard on the Street," in addition to writing articles about local businesses, Mayo Clinic, IBM, Hormel Foods, Crenlo and others. He has worked in Rochester for the Post Bulletin since 1999. Readers can reach Jeff at 507-285-7798 or jkiger@postbulletin.com.
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