Med City retail building sold for $11.6 million

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

Sep. 24—A northwest Rochester retail building sold for $11.6 million last week.

The 11-year-old building at 1112 Civic Center Dr. NW was purchased by Las Vegas-based Gatestone Investments, Inc. That 13,800-square-foot building houses Rochester's north Walgreens drug store, which opened there in 2010.

Gatestone made a downpayment of $4.6 million at the closing of the deal on Sept. 14. The investment property with the long-term tenant sold for $840-per-square-foot.

It was sold by Pharmacy Portfolio VII DST of Oak Brook, Ill., which acquired it in 2014 for $9.75 million.

Olmsted County estimated the total market value of the building and land at $2.95 million for 2021-2022.

The building stands on a high-profile corner of Civic Center Drive and 11th Avenue Northwest.

Prior to the Walgreens store, a 7,000-square-foot building stood there. It housed an International Buffet restaurant from 2007 until it was demolished in 2010.

Before it was a restaurant, the building was a Blockbuster video store.

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