In the wake of a $980,000 real estate deal, a bakery/restaurant on Rochester’s North Broadway has a new landlord.
The 2,211-square-foot building at 706 N. Broadway leased by Great Harvest Bread Co. was purchased by Rochester-based Stack Downtown Investments LLC on April 30.
Stack Downtown Investments has been involved in other Med City real estate investments, including being one of the previous owners of the Brentwood Inn & Suites hotel. Stack and the other owners sold the hotel for $18.2 million on Jan. 15, the largest Rochester real estate deal so far in 2020.
While Stack Downtown lists only a P.O. box as an address on the sale documents, the firm is incorporated at 223 N. Broadway along with other businesses, like KLD Investments LLC and Gustie II LLC. Gustie and KLD are managed by Dirk Erickson.
Gary and Janice Mattison sold the complex, part of which was originally built in 1966. Rochester real estate developer Gary Mattison purchased it in 2000 for $220,000 from Murphy Oil USA.
Olmsted County estimated the total market value of the property at $370,500 for 2020-2021.
Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in Heard on the Street. Send tips to email@example.com or via Twitter to @whereskiger. You can call him at 507-285-7798.