Heard on the Street: Rochester's former Toys 'R' Us store sold for $3.9 million
After sitting empty for more than a year, two Rochester companies recently purchased the Med City's former Toys 'R' Usstore for $3.9 million.
On Oct. 21, Perk 18 LLC and E&M Investmentsbought the 45,628-square-foot store at 808 Apache Lane SW from TRU 2005 RE I LLC. TRU 2005 is a wholly-owned, indirect subsidiary of the bankrupt Toys 'R' Us, Inc.
The two local firms paid a $2 million down payment for the property, which Olmsted Countyestimates to be worth a total market value of $2.78 million for 2018-2019. The building stands on 3.46 acres, next door to a closed Bakers Square restaurant.
Toys 'R' Us closed the Rochester store in June 2018 following the company's bankruptcy. The once-popular toy retailer built and opened the cavernous store in 1991 on land it acquired from Lowell Penz.
Rochester developer and real estate investor Dan Penz , Lowell Penz's son, manages Perk 18. Perk 18 lists Penz' employee Kolette Schuchardas its manager in state records.
On Monday, Schuchard said no plans have been finalized for the future of the building, which sits in the shadow of Apache Mall . She did say Penz has a variety of options on the table.
E&M Investments, based out of a Rochester residence at 3929 S. Shore Lane SW, does not have a manager or owner listed in public documents. A contact telephone number on state real estate records connects callers to Rochester's Dunlap & Seeger law firm.
This sale could signal the first step of filling one of Rochester's many empty retail and restaurant buildings.
The Med City also has thousands of empty square feet of commercial space formerly occupied by chains such as ShopKo , Herberger's, Dick's Sporting Goods, Gander Mountain , Perkins, Bakers Square and others.