A Med City company paid $6.32 million for a Northwest Rochester commercial center last week.
The Broker Exchange Property PIV, LLC, a Rochester entity linked to the Broker Exchange Network, bought the 21-year-old retail center at 2800 to 2899 41st Street Northwest on June 11.
That’s the complex near Rochester’s north Target store that houses Five Guys, China Star, Scrubs & Beyond and other tenants.
Broker Exchange made a $1.58 million down payment at the time of the transaction. Based on the size of the building, the cost was $355 per square foot.
Olmsted County estimated the total market value of the property, which includes a 124 space parking lot, at $5.1 million for 2021-2022.
San Diego, Calif.-based HW Rochester, LLC sold the property. HW Rochester originally acquired it in 2016 for $5.2 million from Sara Investment Real Estate of Madison, Wis. under the corporate name of Rochester Marketplace Property Group LLC.
The Wisconsin group purchased it for $4.5 million in 2013.
That commercial strip at 2870 41st St. N.W. was built in 2000 as part of the overall Rochester Marketplace development by the Twin Cities developer Ryan Cos.
The first building permits for Mayo Clinic’s next big downtown construction project, the Anna-Maria and Stephen Kellen Building, are popping up.
Knutson Construction recently filed a permit for “Footings and Foundations Only” for the 11-story tower built on the corner of Third Street Southwest and Fourth Avenue Southwest. The estimated value of that work is $2.7 million.
Mayo Clinic officials estimate that the total project will cost around $120 million. This is Mayo Clinic’s first major downtown construction project, since it built the Richard O. Jacobson Building in 2015 to house the proton beam treatment center.