Rochester investor paid $1.9 million for a northwest commercial center – Post Bulletin
ROCHESTER — A local real estate investor recently purchased a northwest Rochester building for $1.9 million and is leasing it back to former owners.
Rochester-based Allen Investments, which is led by Bill Allen, purchased the 21-year-old complex at 2768 Superior Drive NW from Dr. Stephen and Kathleen Panetta on Dec. 28, 2023.
The Panettas operate the
which is based in the building. They are continuing to operate their business there by leasing the space back from Allen.
This is Allen’s latest local investment. He purchased the former
building at 511 Northern Hills Drive. NE in 2023.
of Hamilton Real Estate Group represented the Panettas and Realtor
of Loam Commercial Real Estate represented Allen in the transaction.
Olmsted County estimated the total market value of the property at $2.01 million for 2023-2024.
The 5Q Group, a firm that coaches independent financial advisors in sales and marketing, is also a tenant. The 5Q Group was founded by Mike Kaselnak, who was one of
to house his previous financial marketing firm, Piece of Pie.
Previous tenants in the building’s 21-year-run have included
a meal prep business, and
a swine genetics company, among others.