The retail center anchored by Kohl's and Sports Authority in southeast Rochester sold for $14.5 million on Friday.
An Austin, Texas, firm, EREP Broadway Commons, bought it from Inland Private Capital Program, of Oak Brook, Ill. The 131,931-square-foot center sits at 30 25th St. SE in the Broadway Commons development between Walmart and Menards.
The 15-year-old complex was appraised at $15 million, according to state documents. Inland originally acquired the property in 2002 for $16 million. Olmsted County estimated its 2016 market value at $11.23 million.
It was built by Wisconsin-based Continental Properties in 2001.
The center is fully leased with tenants that include Kohl's, Sports Authority, Michaels, Designer Shoe Warehouse and Famous Footwear.
While the Broadway Commons sale is the largest Rochester deal so far in 2016, it wasn't the first one at more than $1 million.
That honor goes to the sale of the building that houses a Perkins Restaurant at 1818 South Broadway.
Perk 18 LLC, of Rochester, bought the 13-year-old property for $1.9 million on Jan. 4. Olmsted County estimated its 2016 market value at $1.2 million.
No individual names were listed on the Olmsted County documents. However, Perk 18 LLC receives its tax bills at 123 Carlton St. SW, which also is the headquarters of Elcor Construction. Elcor is owned by Rochester developer, business owner and real estate investor Dan Penz.
Perk 18 bought it from JLC Properties of Rochester. The seller is based at 1807 Seventh St. NW and it lists Dave Hanson as its registered agent in state documents.
JLC originally purchased the 1818 South Broadway property for $495,000 in 2002, before the building was constructed.