Just Sold: Whitey's Saloon draws 200 inquiries before sale.

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. Full prices are available on the CRVs posted here.

Whitey's World Famous Saloon has a new owner, but Erik Stadstad isn't planning any big changes to the landmark northeast Minneapolis watering hole.

"Why mess with a good thing?" said Stadstad. A local real estate investor, he lives in the neighborhood and knows the proudly old-fashioned bar with the green awnings and its longtime owner.

Hennepin Investments LLC, an entity related to Stadstad, closed Jan. 11 on a $1.6 million contract for deed with Rodneck LLC, an entity related Randy "Whitey" Rodgers. The sale includes the 7,842-square-foot, 1904 brick building and 0.18 acres of land at 400 E. Hennepin Ave. Stadstad also acquired Rodgers' namesake business operations for an undisclosed sum.

The price for the real estate works out to $207.66 per square foot.

Stadstad said this week that he's keeping all the staff. He's even letting Rodgers continue to live in the second-floor apartment Rodgers has called home for more than two decades. Rodgers couldn't be reached for comment Wednesday.

Rodgers took over the old St. Anthony East Bar in 1994 and turned it into Whitey's, according to the history on the bar's website. It became known for its live music, tap beers and a menu that ranges from Chicago hot dogs to Szechuan asparagus. Hennepin County property records indicate he bought the building in 2001 for $245,000.

Stadstad doesn't plan any major changes, but does plan to do a little cleaning up and some painting.

"It's all simple stuff," he said.

He has no plans to step behind the bar. For him, it's about the real estate.

"I love old historic buildings," he said. "I love what's done with the business."

He wasn't alone.

"When Whitey said he was selling, it generated more than 200 phone calls," said Jeffry Salzbrun of Essence Commercial Real Estate Services Inc. in New Brighton, which represented the seller.

Salzbrun credited his partner, Jeff Nordness, with taking the lead on the sale. The bar was small, but had...