Rochester's largest real-estate sale of the year closed on Sept. 29, when a 25-year-old shopping center sold for $15 million.
Maplewood Square, anchored by Best Buy, Fareway Foods and Ashley Furniture, was purchased by SGO MN Maplewood LLC, of San Mateo, Calif. The sale was part of a larger deal that included 15 commercial properties. North Dakota-based Investors Real Estate Trust sold the properties for a total of $79 million.
Maplewood Square was its sole retail property in Rochester. IRET previously announced its plans to divest itself of all of its retail centers to expand its housing portfolio, including a $56 million Rochester deal to acquire Grandeville at Cascade Lake on Second Street Southwest, a 276-unit multifamily community now owned by LeCesse Development Corp. of Florida.
IRET announced in August that it had signed a purchase agreement to acquire Grandeville. Cindy Bradehoft, IRET's director of investor relations, said on Monday the company expects that deal to close soon, possibly within two weeks.
Once IRET takes over ownership of Grandeville, its tally of Rochester units will exceed 1,300. It currently owns more than 1,100 Rochester housing units in nine properties, including Quarry Ridge, Olympik Village and Sunset Trail.
IRET Vice President of Investments Matt Volpano previously said Grandeville, built in 2007, is a good property and could become "a core plus stable asset" for IRET.
"Rochester is one of our largest markets," Volpano said.
If Grandeville sale does close for $56 million as anticipated, the sale will dwarf the Maplewood Square deal and easily take the title of largest Rochester real-estate sale of 2015.