Paul Aronhalt Of NorthRock Real Estate Acquires Retail Center In Rochester For $8.98M
3780 Marketplace Drive Northwest
$8,980,000
Building Size
—
Asset Type
Retail
Closing
Jun 20, 2026
AI
The transaction involved a retail property located at 3780 Marketplace Drive Northwest in Rochester, MN. The asset was fully leased and featured a total of ten tenants, including national brands such as Chipotle Mexican Grill and Panera Bread. The sale took place for a total price of $8,980,000.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $8,980,000
- Buyer: Paul Aronhalt - NorthRock Real Estate
- Seller: Dirk Erickson & Marcia Bouquet - MJB Petrol, LLC
- Market: Rochester, MN
- Asset Details: Fully leased 10-tenant property
- Key Anchors: Chipotle Mexican Grill, Panera Bread
- Seller's Ownership Duration: 6 years
Paul Aronhalt represented NorthRock Real Estate in the acquisition, with the investment being influenced by the property's strategic location near major retailers like Target and Home Depot and a strong demand from retailers in the area. Dirk Erickson and Marcia Bouquet were the sellers, exiting the asset after a six-year investment period through their company, MJB Petrol, LLC.
Market Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.77%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93