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Stewartville industrial complex sold for $1.2 million

Hopkins, Minn.-based Pump & Meter Service, Inc. purchased a Stewartville industrial facility at 1205 Second Ave. NW for $1.2 million on Jan. 5. The office and warehouse complex houses Rochester Petroleum Equipment, which Pump & Meter acquired at the end of 2020.

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STEWARTVILLE — As the next phase of a corporate ownership transition, a Stewartville industrial complex recently sold for $1.2 million.

Hopkins, Minn.-based Pump & Meter Service, Inc. purchased the facility at 1205 Second Ave. NW on Jan. 5. Pump & Meter, which made the deal under the name of LER, LLC, made a down payment of $300,000, according to state documents.

The office and warehouse complex houses Rochester Petroleum Equipment, which Pump & Meter acquired at the end of 2020. Besides Hopkins and Stewartville, Pump & Meter also has locations in Bemidji and Duluth as well as Chippewa Falls, Wis.

Rochester Petroleum Equipment, which was previously owned by Jerry Asmussen, is now a division of Pump & Meter. Asmussen Commercial Property LLC was the seller.

The 19,400-square-foot facility was built in 2002. Olmsted County estimated the total market value at $943,3000.

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Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in "Heard on the Street." Send tips to jkiger@postbulletin.com or via Twitter to @whereskiger . You can call him at 507-285-7798.

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Jeff Kiger writes a daily column, "Heard Around Rochester," in addition to writing articles about local businesses, Mayo Clinic, IBM, Hormel Foods, Crenlo and others. He has worked in Rochester for the Post Bulletin since 1999. Send tips to jkiger@postbulletin.com or via Twitter to @whereskiger . You can call him at 507-285-7798.
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