A 36-year-old northwest Rochester industrial building sold for $1.29 million last week.
On May 1, Rochester-based Med City Enterprises LLC purchased the former Rochester Plumbers & Fitters complex at 1470 Industrial Dr. NW from Roch MN Investments LLC. Med City bought it as an investment property with no specific plans for the future.
Roch MN Investments is led by Jacob Simons, who owns All Insurance Brokers. Roch MN Investments had owned the 11,300-square-foot building since January 2019, when it bought it for $749,000.
Rochester Realtor Bucky Beeman of Realty Growth Inc. handled the real estate deal.
Olmsted County estimated the total market value for the property at $930,100 for 2020-2021. That’s up from the county’s estimated value of $751,200 the previous year.
The Plumbers & Pipefitters Local 6 union originally built the complex in 1984.
In 2017, the labor union moved to a new building at 3111 19th St. NW, after buying it for $1.39 million. The union purchased it from Noetic Inc. and revamped it into an educational facility for the building trades.
Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in Heard on the Street. Send tips to firstname.lastname@example.org or via Twitter to @whereskiger. You can call him at 507-285-7798.