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March 11, 2005

Riverside sells for $3 million

• RIVERSIDE SOLD: A prominent downtown Rochester commercial site – the 87-year-old Riverside Building – was purchased by Iowan investor at the end of February. Les E. Nelson of Clear Lake, Iowa purchased the 28,510-square-foot Riverside Building at 400 South Broadway for $3 million on Feb. 28, according to county records. He bought the building from Historic Riverside Partners L.P., which is comprised of Rochester developers Mac Hamilton, Marc Carpenter, Dick Bins, Steve Dombrovski and three limited partners as well. Nelson owns several other Rochester buildings. Hamilton says he does not expect any changes with the ownership switch, since Nelson typically buys commercial buildings as investment properties. Historic Riverside Partners L.P. bought the building out of recievership in 1989 and redeveloped it. The building’s tenants include, among others, Hamilton Real Estate, Bins Law Office and Rocco Altobelli Salon.

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