The sale of a building on Broadway Avenue North clears the way for future development on a prominent block.
Mike Pruett, co-owner of MLT Group, which is in the building, said he sold the 140-year-old brick structure that he owns with his wife, Dawn, at 411 Broadway Ave. N, on Wednesday. Real estate investor Les Nelson, of Clear Lake, Iowa, purchased it for $600,000, Pruett said.
"I'm happy with the price I got," he said. The Pruetts bought the building for $235,000 in 2003.
Nelson now owns most of that side of the 400 block of Broadway. He recently demolished two nearby empty buildings at 401 Broadway Ave. N and 407 Broadway Ave. N to make the area more attractive for developers.
After the demolitions, the Pruetts' building stood alone in the middle of the block. Amid the hype of the Destination Medical Center initiative, Rochester real estate prices have skyrocketed in recent months. Pruett's location made his building more valuable, since it is an obstacle that could keep developers away from the block.
Besides housing the Pruetts' businesses, MLT Group and MLT Video, the building also has four apartments. All four currently have tenants. However, one has a lease until Dec. 31, while the three others are month-to-month.
After the tenant's lease ends in December, Pruett expects Nelson to knock down the building.
He plans to move MLT Group, which he owns with partner Ted St. Mane, and MLT Video to a business condo in the Plaza 14 West center at 4481 North Frontage Road. Pruett hopes to build out the unfinished 11,090-square-foot space and move the businesses at the end of November.
"It will be nice to have a change and a newer facility, though it's a little sad," he said.
Pruett said the new offices should work out well for his team of 10 to 12 employees, because it will have more usable space than the current building.