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April 18, 2014

Downtown building sells for $771,000

Yet another building in Rochester's downtown core sold recently.

20140418_141438The 129-year-old building at 325 South Broadway was  purchased for $771,500 on May 26 by RGA of Rochester. RGA is a group of local investors that includes Paul Armon of Armon Architecture, Inc. and Peter and Paul Gerrard of La Crosse, Wis.-based Gerrard Co. 

Gerrard Co. developed the nearby multi-million dollar Metropolitan Market Place complex that houses the popular People's Food Cooperative as well as 62 apartments at First Avenue and Sixth Street Southwest in September.

20140418_141616The company is also working on a new Rochester apartment complex along 8 1/2 Avenue Northwest.

Unlike other recent downtown purchases, Armon and the Gerrards don't seem to have immediate development plans for that site. Their local offices are based in the building. Armon Architecture and Gerrard Cos. have been tenants there since May, 2012.

John Hasseler, a jewelry, goldsmith and artist, opened Broadway Jewelry and Visual Arts in the storefront retail space there in 2012. Prior to that, Cheri's Boutique was based there and Carson's Framing before that.

RGA bought the building, which was constructed in 1885, from the estate of Harold Perry. Perry purchased in 1999 for $185,000.

This is just one many downtown real estate purchases in recently months.

Bloom International Realty, based in Abu Dhabi, United Arab Emirates, bought the seven-story Associated Bank Building at 206 S. Broadway for $7 million in September.

• Local investors paid $3 million for the Riverside Building at 400 S Broadway and two other buildings along a two-block stretch of South Broadway from Fourth Street to Sixth Street last summer.

• The 63-year-old youth theater building at 12 Fourth St. S.W. was bought for $400,000 in August by AC Acquisitions LLC of Rochester, a Titan Development & Investments company.

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