Real estate investor paid $ 1.85 million to buy Austin Mall – Rochester Minnesota news, weather, sports
AUSTIN – A nine-year-old Austin mall changed hands this week in a $ 1.85 million deal.
KSL Properties, LLC, based in Blaine, Minn., purchased the 11,478 square foot building near Austin’s Walmart the shop. A Jimmy john’s sandwich shop and a Total fitness gym are two of the tenants occupying the complex which is fully leased.
Based in Glenville Mega Charge Properties, LLC was the seller.
The complex was built in 2012. As a “value added component” additional building land was also part of the transaction.
Tom Gommels, an investment specialist in Marcus & MillichapThe Minneapolis office had the exclusive listing to market the property on behalf of Mega Load. Gommels also represented the buyer, KSL Properties, in the transaction.
In announcing the deal, Gommels said it took 59 days between the deal was concluded and “despite inspection and evaluation issues.”
Jeff Kiger follows trade action in Rochester and Southeast Minnesota every day on “Heard on the Street”. Send advice to
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