A year after quadrupling the size of their businesses by leasing the former Menards North store, two Rochester retailers have purchased the building for $5 million.
Jim Sather and Mark Byer moved Furniture Superstore and America's Mattress into the complex at 5150 U.S. 52 North last spring, shortly after Mernards moved to a new store. They were leasing the huge store and the surrounding 10 acres of property with an option to buy it after a year.
They closed on the deal to buy it for $5.09 million from John Mernard Jr. on March 17.
"Our intent all along was to buy the building," Sather said Wednesday. "Business has been stellar here. That and outstanding support from Bremer Bank helped make this happen. It's a big deal for us."
Sather and Byer also bought the adjacent Jo-Ann Fabric and Craft store for $2.4 million on the same day, but they immediately sold it to Rochester-based Brackenridge 52 LLC for $3.4 million. While it's unclear who the new owners are, it appears the very successful Jo-Ann Fabric store will remain where it is for now.
Now that they own the building, Sather and Byer plan to upgrade their store. The first step is to remodel inside the store and then reface the building within the next 12 months or so, Sather said.
A team of 18 employees staff the furniture/mattress store. However, it isn't just retail sales that's driving the business. They are renting out portions of the former Menards outdoor lumber yard for boat and RV storage. Other businesses, including a trucking firm, are using the yard for storage.
They also are considering other business possibilities on the land in front of and behind the facility.
"We'll see what happens," Sather said.