$3. 15 million pair of real estate deals clear way for two new… – Rochester Post Bulletin
ROCHESTER — Two December real estate deals totaling $3. 15 million clear the way for a South Dakota developer to build two Rochester apartment complexes in 2023.
Silver Lake Crossing LLC purchased three commercial buildings and land along Seventh Street Northeast near Rochester’s Silver Lake Power Plant for $2. 15 million on Dec. fifteen, 2022, from the David T. Bishop Trust .
Jeff Kiger / Article Bulletin
In the wake of that deal, NAS Holdings LLC made a $1 million purchase of the 58-year-old former Perkins Restaurant building and land at 432 16th Ave. NW on Dec. 29, 2022.
NAS purchased that property from Rochester-based Perk 4 LLC, which is led by developer Dan Penz . Perk 4 bought that property for $1. 87 million in 2018. The restaurant closed later that year and the building has been empty since then.
Both Silver Lake Crossing LLC and NAS Holdings LLC list the same Sioux Falls, South Dakota, address used by the Stencil Group on the sale documents. The Stencil Group, led by CEO and owner Nathan Stencil , has plans to build apartment complexes on the Perkins site and near the Silver Lake Energy Plant.
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Jeff Kiger / Post Bulletin
The first deal included 3 buildings at 25 Sixth St . NE/112 Seventh St . NE, 29 Sixth St NE and 28 7th St . NE that stand near each other in the shadow of the Sterling silver Lake Power Plant and across Seventh Street from Kruse Lumber .
The office complex at 25 Sixth St . NE/112 Seventh St . NE was previously where Mayo Clinic had offices for its hospice services. The long-empty brick creating at 28 Seventh St . NE is best known for housing the Animal Friends kennel/pet grooming business.
Rochester-based Titan 360 represented the Bishop family and Rochester Commercial Realtor Merl Groteboer represented the Stencil Group. Titan 360 is also handling the leasing of the office complex at 25 6th St . NE/112 Seventh St NE to tenants.
Stencil has plans to build a six story, 112 unit apartment complex in that area. The plan for the ex-Perkins site is to build a 109 unit apartment complex.
Randy Petersen / Write-up Bulletin file photo
