A former Rochester bank branch building sold for $1.2 million
Mar. 16—ROCHESTER — A local firm recently paid $1.2 million to become the new owner of a former bank building in northwest Rochester.
On March 8, Bandel Investments purchased an empty 3,000-square-foot building at
5600 U.S. Highway 52 North
from
Sterling State Bank
, which operated a branch there for years. It is located along Bandel Road Northwest.
Sterling, which is headquartered in Rochester, has six branches in Minnesota, including two in Rochester. In December 2021, Sterling sold
another former Rochester branch building
at 1336 Apache Drive SW for $1 million.
The northwest branch had
a moment of fame
in December 2015, when it was robbed two days in a row. The would-be bank robber ran in front of a KIMT-TV reporter filming a story about the previous robbery. Rochester police caught the bank robber.
Bandel Investments, which lists a Pine Island address on the purchase, made a $10,000 down payment for the 28-year-old complex. Real estate documents describe its future use as "office/ general office."
Olmsted County estimated the total market value of the building and land at $669,700 for 2021-2022.
Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in "Heard on the Street." Send tips to
or via Twitter to
@whereskiger
. You can call him at 507-285-7798.
