Just Sold: Group pays $6 million for Rochester Mercedes-Benz.

Byline: Anne Bretts

Editor's note: "Just Sold" is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State's Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded.

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A branch of a major auto group in Illinois has bought its fifth dealership in Minnesota, acquiring the Mercedes-Benz of Rochester business from the Wisconsin auto group that developed it six years ago at 4444-4447 Canal Place SE.

Terms of the sale of the operations weren't disclosed, but the real estate alone cost $6 million, according public records released by the Minnesota Department of Revenue.

The buyer was EFN Rochester Properties LLC, an entity related to the Ed Napleton Automotive Group in Oakbrook Terrace, a Chicago suburb. Napleton closed Oct. 23 on the cash acquisition from Canal Place, Lot 2 LLC, an entity of the Ballweg Family of Dealerships, based in Prairie du Sac, Wisconsin. The seller originally operated the dealership in Wausau, Wisconsin, but moved it to Rochester six years ago, according to media reports at the time.

Edward W. Napleton started the Illinois company on the south side of Chicago in 1931. Today Edward F. (Ed) Napleton is part of the third generation of the family in the auto business.

What drew the company to Rochester?

"It was the brand and the location," said Bruce Etheridge, COO of the Ed Napleton Automotive Group, which now has 49 dealerships in eight states. Rochester is the company's fifth dealership in Minnesota. "It's a great town."

In February, Napleton paid $43.75 million for the real estate related to Lexus dealerships in Wayzata and Maplewood and Village Chevrolet, along with a used-car lot and an auto body shop in Wayzata. The properties constituted the entirety of theVillage Automotive Group, which was headed by Steve Bloomer.

All the Napleton family's dealerships together total approximately 80 locations.

Purchase price: $6 million cash

Price per square foot: N/A

Last sale: N/A

Date of deed: 10-23-19

ECRV released: 10-29-19

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