After $3.8 million deal, firm now owns a Med City matched set of grocery and gas station
Nov. 1—ROCHESTER — Following the purchase of
northwest Rochester grocery for $32 million
in January, an Illinois real estate investment firm just bought the related convenience store for $3.8 million.
Hy-Vee, the Iowa-based grocery chain, sold its Fast & Fresh gas station and C-store at 4293 West Circle Drive NW that stands by the
90,000-square-foot grocery
at 4200 West Circle Drive NW. Both were built in 2015. The deal closed on Oct. 27, 2022.
The Oakbrook, Ill.-based Inland Real Estate Group of Cos. purchased the property under the corporate name of Rochester ZC Essential DST.
Olmsted County estimated the total market value of the convenience store at $1.7 million for 2022-2023.
This deal completes Inland's northwest Hy-Vee matching set. Inland purchased the adjacent grocery earlier this year. Hy-Vee has a 20 year lease with Inland for the store.
Inland has purchased and leased back other retail property in the area over the years. It also owns the
Walgreens store
on Civic Center Drive.
The West Circle store was the last Rochester location that Hy-Vee owned. Hy-Vee now leases all four Med City grocery stores from different owners as well as the West Circle Drive gas station.
However, Hy-Vee does still have direct ownership of its other Rochester gas station/C-store at 3650 Third Ave. NW in front of the 37th Street store.
