New York company purchased Med City self-storage center for $6.02 million

·1 min read

Sep. 22—ROCHESTER — A Buffalo, New York, company recently paid $6.02 million for a self-storage center, formerly a furniture store, in northwest Rochester.

Life Storage, Inc.

, under the clinical corporate name of SH-7003-7005 LLC, purchased the 70,000-square-foot complex at 3100 Seventh St. NW on Tuesday, Sept. 20, 2022. That's the 58-year-old building that previously housed the Larson family's long-time

Trade Mart Furniture Center business

.

The $6.026 million purchase price included $10,000 for office equipment, according to the sale documents. Olmsted County estimated the total market value of the property at $5.05 million for 2022-2023.

In 2018, Rob Larson and Mary Kuehn closed Trade Mart and

sold the complex to Wasatch Storage Partners

of Utah for $1.95 million. Wasatch converted the store into a climate-controlled self-storage facility and operated it under the CubeSmart brand.

Wasatch has now sold the property to Life Storage, so the facility started putting up Life Storage banners this week and plan to change the CubeSmart signage to Life Storage.

Life Storage, a public traded real estate investment trust, with about 1,125 self-storage facilities in 36 states. It also has Minnesota locations in Oronoco, Byron and Apple Valley.