I'm going to shock you with two pieces of information in this story about one Rochester restaurant. First, the big dollar news.

The Northwest Applebee's building has been purchased for $4.15 million. You read that right. $4.15 million (total market value for 2021-2022 = $1.34 million). I'm not saying it's not worth that, but doesn't that number surprise you a bit?

Restaurant Chains Applebee's And IHOP To Close Over 100 Stores
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It did me, but if I'd been paying attention it wouldn't have.

  • It was built in 2000 by the original Target Complex developer and sold to Apple American for just under $750,000. It became an Applebee's and has stayed an Applebee's.
  • In 2009, the building was sold to a New York firm for $2.7 million.
  • In 2017 it was sold again for $4.3 million to a company out of Bismark, North Dakota.
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The closing went down on March 16, 2022, with the Lunieski & Associates LLC, the new owners out of Richfield, Minnesota, with a $1,000,000 down payment.

Now For Your Second Shock

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adam-jaime-dmkmrNptMpw-unsplash - tap for link

This won't be a shock if you've moved to Rochester in the last 10 years or so. But, if you lived here when that whole Super Target complex was built, you will be blown away to know that the 22-year-old 5,000 square foot building is Twenty-Two-Years-Old!

How has that much time passed?

As always, if you have a comment, complaint, or concern about something I wrote here, please let me know: james.rabe@townsquaremedia.com


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