A pair of Rochester stores sold for $12.72 million amid wave of Med City real estate deals – Post


ROCHESTER — Another Med City retail complex has a new owner in the wake of a $12.72 million purchase of northwest buildings that house the

PetSmart

and

Clothes Mentor

stores.

Richfield, Minnesota, real estate investors purchased the three properties that include the 21-year-old buildings near the

Target North

store that house PetSmart and Clothes Mentor as well as an adjacent retention pond. The PetSmart building previously housed

Ultimate Electronics

. Erik’s Bike Shop was the previous tenant of the Clothes Mentor site.

The properties at 3811 and 3839 Marketplace Drive NW are within the Rochester Marketplace retail area. The deal closed on Oct. 28, 2022, with the purchasers making a down payment of $4.35 million.

Olmsted County estimated the combined market value of the three properties at $7.73 million for 2022-2023.

The buyers were listed as Cahill Road Partners, LLC, J2H 127 Building, LLC, 2075 Ford Parkway, LLC and EBH 127 Building, LLC. All four companies share the same Richfield address and telephone number on the sale documents. Lunieski & Associates LLC, led by Robert J. Lunieski, also uses that address and telephone number.

Earlier this year,

Lunieski & Associates purchased a nearby 22-year-old building

at 3794 Marketplace Drive. That’s

the 5,100-square-foot restaurant building

that has been occupied by Applebee’s since it was completed.

The PetSmart/Clothes Mentor buildings plus the pond were sold by IRC Rochester Marketplace, LLC, which is part of the Inland Real Estate Group of Cos., of Oakbrook, Illinois.

Inland had owned the buildings and pond since it bought them for $10.62 million in 2003 from Twin City-based

Ryan Cos

. Ryan Cos. developed the core of the Rochester Marketplace area buildings in 2000.

Heard Around Rochester - Jeff Kiger.png





Read More: A pair of Rochester stores sold for $12.72 million amid wave of Med City real estate deals – Post

2022-11-09 04:03:34

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More