So the Post-Bulletin is not the only Minnesota media to take note of Mayo Clinic's recent $2.11 million purchase of the unused U.S. Postal Service center at 3939 Valleyhigh Drive.
On July 17, Mayo closed the $29.13 a square foot deal on the northwest Rochester property, which the US Post Office closed in January. I wrote an article about it on July 21.
The Twin Cities business newspaper, Finance & Commerce, spotlighted the deal in it's "Minnesota Snapshot" real estate feature in its July 23 issue.
While Mayo Clinic still hasn't worked out what it will do the building that it purchased, the Finance & Commerce piece by Anne Bretts does provide some new insight into how the deal played out.
Chris Gliedman, of the Minneapolis-St. Paul office of CBRE Group, which has a national contract to represent the USPS.
Gleidman and colleague Mike Marinovich most recently marketed several properties that became available after the Postal Service consolidated many of its operations in Eagan, where the USPS expanded an existing facility to create a 950,000-square-foot regional processing center.
The move affected facilities throughout Minnesota and into Wisconsin.
The Rochester property went on the market in January 2014.
“We had pretty good interest,” Gleidman said.
In fact, he was in discussions within months and had it under contract by fall. The buyer withdrew, however, leaving Gleidman and Marinovich to start over. Before they could put the building back on the market, Mayo made an offer. It was lower than the original offer, but the deal carried no risk, Gleidman said.
“We felt very comfortable that Mayo Clinic was going to deliver,” Gleidman said.