$15M Price Tag for Rochester Shopping Center

Olmsted County retail asset has a new owner.
Grandeville at Cascade Lake

Grandeville at Cascade Lake

A 25-year-old shopping center in Rochester, Minn. has changed hands for $15 million. The transaction marks the city’s largest real estate deal of the year.

The Post-Bulletin reports that the Maplewood Square shopping mall at 3906-4050 Hwy 52 in Rochester was purchased by SGO MN Maplewood LLC of San Mateo, Calif., as part of a larger acquisition that included a total of 15 commercial properties. The portfolio was sold by Investors Real Estate Trust of North Dakota, for $79 million.

According to the newspaper, IREIT had previously revealed plans to divest itself of all its retail assets and focus on expanding its housing portfolio. The company has also signed a $56 million purchase agreement to acquire the 276-unit Grandeville at Cascade Lake multifamily community. When this transaction closes, the Maplewood Square sale will no longer be the largest real estate deal of the year for the city of Rochester.

Image courtesy of Grandeville at Cascade Lake