SUBSCRIBE NOW AND SAVE 3 months just 99¢/month

ADVERTISEMENT

ADVERTISEMENT

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.

Heard on the Street - Jeff Kiger column sig

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.

Also Read
Members Only
The Hue apartments at 33 Fourth St. SW were purchased by Mora, Minn.-based Gorham Housing Partners III, LLP on Dec, 29. Gorham paid a $3.6 million down payment. The 50-unit complex stands on the former site of Gallery 24/The Creative Salon next to 318 Commons.
Members Only
After months of work, First Meeting -- Chinese Fresh Hand-Pulled Noodles is scheduled to open in Suite 2 at 793 16th St. SW, between Buffalo Wild Wings and Associated Bank. That's the Mayowood Commons retail center which was purchased for $5.53 million on Dec. 23 by the unimaginatively named 793 16th Street Rochester LLC.
Members Only
Townies Grill’d Philly Subs started cooking at 244 Soldier Field Drive SW last week. The soft launch is expected to evolve into a full opening by early February. “Townies makes more of a hybrid hot sandwich. Our subs are like a cousin to cheesesteaks," owner Cody Livingood said.

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.

ADVERTISEMENT

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.

Heard on the Street - Jeff Kiger column sig

What to read next
Columnist Harvey Mackay says pride can propel people to great accomplishments while also causing some to behave horrendously.
Kristen Asleson says using it as a learning experience will take you further.
Members Only
The shell of the 121,000-square-foot science and technology complex, linked to the original One Discovery Square center, is wrapping construction at 300 Second Ave. SW. The next stage of construction will build out the public meeting areas and lobby, and start work on tenant spaces aiming toward completion this summer.
Columnist Dave Conrad says that with work and diligence, every close-minded person can learn to be more objective and analytical.