Downtown Rochester's City Centre complex sold for $10.2 million

Jeff Kiger, Post-Bulletin, Rochester, Minn.
·2 min read

Dec. 20—ROCHESTER — A California doctor recently sold a downtown Rochester commercial complex for $10.3 million,

after buying it for $14 million in 2021.

Under the corporate name of Rochester NNN3 LLC, Dr. Bao Anh Patrick Tran of Modesto, California sold City Centre, the 45,000-square-foot complex at 310 S. Broadway Ave.

The buyer, 310 Broadway, LLC of La Crosse, Wisconsin, bought the property on Dec. 6, 2023.

The late Rochester developer Joe Weis built City Centre in 2008. It was built on the site of the former Rochester Repertory Theatre building and stands between Andy Chafoulias'

H3 Plaza

tower and the Mango Thai building.

The offices in the skyway-connected City Centre are leased by tenants RSM and the US Internal Revenue Service. However, many spaces are unoccupied.

Exhibitor Magazine

moved out of a 20,000-square-foot, street-level spot in July 2023.

Mayo Clinic previously leased a 5,000-square-foot space

on the second floor, but it has since moved out of the building.

Olmsted County estimated the total market value of the building and land at $9.3 million for 2023-2024.

The prominent complex next to Terza Ristorante was previously owned by Matthew Thomas Onofrio, a Wisconsin-based real estate investor who is awaiting sentencing after pleading guilty to one count of federal bank fraud.

State and Olmsted County records show that Onfrio purchased City Centre on May 19, 2021 for $12 million and then sold it to Tran for $14 million on the same day. When asked about the deals, Onofrio said that the only transaction on May 19, 2021 was the Trans purchase.

Onofrio claimed via email that he had owned the building since June 2020. However, state and county property records do not show him owning City Centre until May 19, 2021.