Rochester real estate deals are heating up as the temps drop with retail center selling for $3.61 million

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

Nov. 3—ROCHESTER — Rochester's commercial real estate market is buzzing with activity this fall with a $3.61 million purchase of a northwest complex as the latest in a string of multi-million dollar deals.

A firm that lists an Edina law office as its address purchased the 26,657-square-foot complex at 5139 West Frontage Road along U.S. Highway 52 North. That building is best known for housing Carpet One Floor & Home.

It was purchased under the unimaginative name of 5139 Highway 52 North, LLC, presumably as a real estate investment. The buyer paid a $927,000 down payment when the sale closed on Nov. 1, 2022.

The 21-year-old building was sold by real estate investor Dr. Matt Onofrio, who had owned the property under the name of Theon, LLC since 2020. Onofrio, who has published a book about real estate investing, purchased the property in 2020 for $2.28 million.

The complex was built in 2001 by

Darren Groteboer

, who owns Carpet One. The store moved at that time to the building from its previous spot at 2410 N. Broadway.

Olmsted County estimated the total market value for the property at $3.1 million for 2022-2023.

The sale is the fifth Rochester real estate that topped $3 million since the start of October. One of those deals was a single-family home, while the rest were multifamily housing or retail properties.