Byline: William Morris
Rochester's rapid expansion in the downtown Destination Medical Center district isn't just drawing investors for new construction and development.
The city's 20-year, $5.6 billion redevelopment initiative around Mayo Clinic's two downtown hospitals is drawing the attention of capital, with both new-build and older properties changing hands. Latest on the block Friday were four apartment properties totaling 59 units in the 600 block of Second Street Southwest, which sit two blocks east of Mayo Clinic Hospital, St. Marys hospital campus, and three blocks west of Mayo's Gonda Building and Methodist Campus downtown.
According to a certificate of real estate value made public Monday, an entity sharing the address of Wayzata-based Detailed Management Co. paid $4.425 million for the properties, or $75,000 per unit. At least one of the buildings also includes several retail bays. The seller, according to county documents, is Larry Cramer of St. Paul.
A message left Tuesday with the buyer was not returned by deadline. Cramer declined to comment.
Buyers from the Twin Cities and far beyond have been active in Rochester in the past four years, said CBRE Senior Vice President Ted Abramson.
"It seems like the most recent transactions we've been involved with, the capital that's come to that market hasn't been just Minneapolis-based; it's regional and national, with some international looking," said Abramson...