Heard on the Street: Rochester real estate is hot, despite falling temps

December 7, 2017

The cold temps might be slowing things down a bit in the Med City, but real estate is still moving.

Here are a couple of the latest deals:

• Dentist Dr. Ryan Henrichsen made a commercial real estate investment in an industry that he knows well.

Henrichsen, who works at Gentling Dental Care, purchased the building that houses Rochester Dental Health at 5039 W. Frontage Road US 52 NW for $1.1 million. He purchased it from retired Dentist Dr. Charlie Smith.

Henrichsen explained his choice to become a landlord by saying, “It’s a good location. Dr. Smith built a great practice there. It’s a good investment.”

• A collection of condominiums in northwest Rochester sold for $950,000 on Tuesday.

The Guider Group — Northern Valley LLC of Minnetonka purchased the Crown Apartments at 2850 59th St. NW from the top owner of Rochester apartments, Investors Real Estate Trust of North Dakota.

The apartment community was built in 2001 and has 50 units.

While IRET was the seller in this deal, it remains one of the top owners of Rochester apartments, with 13 properties with more than 1,700 units. Its holdings include Quarry Ridge, Avalon Cove, Cascade Shores, Olympik Village and Sunset Trail.


Biz buzz

Lumen Coffee turned on the lights this week and started pouring coffee for first time at 3550 55th St. N.W., the former Snappy Stop drive-thru burger booth.

Owner Bryce Fogelson launched the new business with a menu featuring espresso and a variety of coffee drinks and basic breakfast items.

He is leasing the space in the compact 480-square-foot building, tucked between Discount Tire and Affinity Credit Union in front of the Northwest Plaza shopping complex.