Two Rochester real estate investors recently exchanged properties in a trio of deals worth of a total of $6.5 million.
Investors Mark Kramer, of New Hampton, Iowa, and Les Nelson, of Clear Lake, Iowa, long have been active investors and developers of Rochester real estate. Kramer owns the 501 on First apartments, the Days Inn hotel and other Med City property. Nelson owns a variety of local properties.
The state recorded three transactions between Kramer and Nelson on Oct. 5, which resulted in Nelson adding two commercial buildings to his portfolio and Kramer owning a prominent open site on North Broadway.
Kramer, under the name of MICDAV, purchased five empty parcels at Civic Center Drive and North Broadway, across from the Kemps dairy facility, for $1.8 million. Records show he paid in cash.
Diane Hoey, Kramer's chief operating officer, says he has no immediate plans for the land. Kramer bought the high-profile site on the busy corner for possible future development, she said.
That land once had three structures on it, including the 140-year-old MLT Group building at 411 N. Broadway. Nelson purchased it from Mike and Dawn Pruett for $600,000 in 2015.
In 2001, he purchased the 401 North Broadway building next to the railroad tracks for $112,500. The tan block building by the railroad track previously housed Innovations Hair Studio. Nelson also bought the 407 N. Broadway building in 2002 for $273,000. From 2011 to 2013, it housed Karma Consignments. It is best known by longtime Rochester residents as where the Asian Food Store operated until it moved to Seventh Street Northwest in 2008.
Nelson demolished all three buildings from the site in 2015.
While Kramer purchased the North Broadway land, Nelson bought two Rochester buildings from Kramer on Oct. 5.
Under the name LNI N Broadway LLC, Nelson purchased the 10,634-square-foot building at 3380 Northern Valley Place NE that houses the Minnesota Autism Center for $2.7 million.
Kramer originally bought the building, which previously housed Charter Communications, in 1999 for $1.7 million. Olmsted County estimates its total market value at $1.95 million.
Nelson also purchased a 15-year-old building at 5979 Bandel Road NW that houses the Nova Academy of Cosmetology for $2 million under the name of LNI Bandel Hills LLC. Kramer originally bought the building, which previously housed the Amish Store, for $2.65 million in 2008. Olmsted County estimates its total market value at $1.5 million.