July 1 was a big day for a Med City shopping center, because the complex sold for $7.5 million and then sold again for $9.5 million before the day was done.
Rochester Crossing, a strip mall at 3780 Marketplace Drive NW by Target North, proved to be a profitable purchase for Moose Enterprises, LLC. Moose Enterprises, incorporated in Rochester, lists its business address in Eau Claire, Wis.
Moose bought the retail center for $7.5 million and then quickly turned around and sold it to MJB Petrol, LLC for $9.5 million. MJB made a down payment of $2.37 million to Moose.
Olmsted County estimated the total market value of the property at $5.4 million for 2020-2021, up from $4.8 million for 2019-2020.
MJB Petrol lists Marcia Bouquet as its agent in its incorporation documents and lists its registered office in Rochester. MJB reported its business office as being based in Bonita Springs, Fla., in the real estate sale materials.
Realtor Ben Kall with Rochester’s Re/Max Results represented the buyer on this transaction.
The center, with 10 tenants, is anchored by Chipotle and Panera Bread.
The 21,492-square-foot building was built by Twin Cities developer Howard Paster of Paster Enterprises in 2003. Paster purchased the land for development for $1.43 million from a Madison, Wis., company that had considered building a hotel there.
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.