A 52-year-old commercial complex in southwest Rochester sold for more than $1 million last week.
The center, called Stone Crossing,at 1221 Third Ave. SW was purchased by Paulina’s Properties LLC, of Rochester, for $1.2 million on Oct. 15. It’s near the Crossroads Hy-Veestore.
Olmsted County estimated the total market value of the property at $863,200 for 2017-2018.
Paulina’s Properties, owned by Paulina Ngov, purchased the 8,800-square-foot, two-story building from MME Holdings, LLC, of Rochester.
The complex has a number of commercial tenants including, Weichert Real Estate Affiliatesand The Good Feet Store.
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Once the home of Rochester’s former KOLMradio station, the building underwent extensive renovations by Loriand Ron Reinaldain 2008.
The Reinaldas purchased the complex for $525,000 in 2007 and sold it to MME Holdings for $855,000 in 2012.
Biz buzz
Winona-based Merchants Bankhas named a new leader for Rochester as the longtime president, John Doyle, prepares to retire at the end of the year.
Dan Nistlerhas been chosen to replace Doyle. His primary responsibilities will be to steer Merchants’ two Rochester branches and guide "meaningful community engagement" in the area. He will also continue to serve as a commercial banker.
"Dan is a proven business developer and has over 20 years of community leadership in the market," stated Merchants Regional President Dan Massetin the announcement of his promotion.
Beyond Rochester and Winona, Merchants also owns Minnesota branches in St. Charles, Goodview, Rushford, Lanesboro, Caledonia, La Crescent, Spring Grove, Cannon Falls, Red Wing, Hampton, Apple Valley, Cottage Grove, Hastings, Lakeville and Rosemount. Merchants also has locations in Eau Claire and Onalaska in Wisconsin.
