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Jay Christenson's Loam Commercial Acquires Pinnacle West Office Building In Rochester, MN For $2.9M

Property Image
SOLD
$2,900,000

Minnesota

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Office
Sold 11/30/2023
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Property Image
SOLD

Jay Christenson's Loam Commercial Acquires Pinnacle West Office Building In Rochester, MN For $2.9M

2746 Superior Drive Northwest

See Similar Deals
Office
Sold 11/30/2023
the dealplayerscompscontact
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Summary

MINNESOTA
Asset Type:Office
Transaction Type:Sale

Jay Christenson expanded his portfolio with the $2.9 million acquisition of the 21-year-old Pinnacle West building at 2746 Superior Dr. NW in Rochester, MN. The office property, located in a prime location, was sold by Pinnacle West LLC. The transaction was facilitated by Mark Steege of Titan360 Commercial Real Estate.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $2,900,000
  • Address: 2746 Superior Drive Northwest, Rochester, MN
  • Market: Rochester, MN

The buyer, Jay Christenson, who is known for his support of real estate in Rochester, acquired the Pinnacle West building to further expand his real estate portfolio. The seller, Pinnacle West LLC, was led by Mark Neeb. Jay Christenson was represented by Mark Steege of Titan360 Commercial Real Estate in the transaction.

Players

Mark Steege
Titan360 Commercial Real Estate
Mark Steege
1 deal$2.9M volume(507) 951-1977
BROKER
PL
Pinnacle West LLC
SELLER

Details

SOLD
IMAGE: Jay Christenson, Mark Neeb & Mark Steege DATE: 11/30/2023 ADDRESS: 2746 Superior Drive Northwest MARKET: Rochester, MN ASSET TYPE: Office BUYER: Jay Christenson - Loam Commercial SELLER: Mark Neeb - Pinnacle West LLC BROKER: Mark Steege - Titan360 Commercial Real Estate SALE PRICE: $2,900,000 NOTE: Jay Christenson expanded his portfolio with the $2.9 million acquisition of the 21-year-old Pinnacle West building at 2746 Superior Dr. NW. Christenson, who is an avid supporter of real estate in Rochester, purchased the property from Pinnacle West LLC, led by Mark Neeb, with representation in the deal by Mark Steege of Titan360 Commercial Real Estate.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,303.08
Cash-on-Cash Return-1.27%
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