A Utah real estate investment firm with Minnesota ties recently purchased an 84-year-old downtown Rochester complex for $4.34 million.
Rochester Broadway Investments, LLC, based in Park City, Utah, bought the brick building at 102 Broadway South that houses the downtown US Post Office branch on June 16.
Prior to its move out of downtown, Sterling State Bank was based there. The four-story structure stands on the southeast corner of Broadway and First Street.
Rochester Broadway Investments’ Utah address is the same as a firm called Terratron.
Terratron is “an owner/operator of hospitality, specialty housing and retail properties with Minnesota offices in Bloomington and Mankato. The firm owns and manages the new 142-room Element Bloomington Mall of America hotel.
The John H. Hanlon Living Trust, Chisolm Family Real Estate, Joseph A. Hanlon, Carol J. Hanlon and Audrienne M. Hanlon were listed as the sellers of the property.
Prior to the current group of owners, late Rochester real estate investor Les Nelson owned the property. He purchased it in 1995 for $2 million.
The $4.3 million purchase price calculates to $117.50 per square foot for the 36,960-square-foot building. The buyer paid the entire amount in cash at the time of closing.
Olmsted County estimated the total market value for property, including the land and building, at $4.8 million for 2021-2022.