North Rock Real Estate, operating under the corporate name Rochester Crossings LLC, purchased the Rochester Crossings commercial center at 3780 Marketplace Drive NW in northwest Rochester on June 11.
The firm and a group of investors paid $8.98 million for the 23-year-old, 10-unit retail complex, which Olmsted County valued at $7.12 million for the 2026-2027 assessment period.
The center is anchored by Chipotle Mexican Grill and Panera Bread, and sits adjacent to Rochester’s Target North complex, giving it strong retail visibility in a high-traffic corridor.
Although GameStop recently vacated its unit in the center, Wingstop has signed a lease to occupy the space with a chicken wing restaurant, bringing the property to 100% occupancy.
North Rock Principal Paul Aronhalt described the acquisition as a strong strategic fit for the firm’s investment criteria and expressed confidence in the Rochester retail market.
“We acquired Rochester Crossings alongside a group of investors who share our confidence in this market. It’s exactly the kind of asset we look for in a retail building — a well-located center positioned alongside strong anchors like Target and Home Depot,” Aronhalt said.
Aronhalt added that growing retailers consistently target the area when entering Rochester, reinforcing the firm’s conviction in the investment.
“When retailers are growing into the Rochester market, this is consistently an area they want to be in, and that demand is a big part of what drew us to it,” he said.
North Rock will serve as property manager for the center and is actively pursuing additional investments of this type across the region.
The sellers, Rochester-based MJB Petrol, LLC, led by Dirk Erickson and Marcia Bouquet, had acquired the property in 2020 from Moose Enterprises for $9.5 million.
Moose Enterprises was led by Matthew Onofrio, a former Mayo Clinic nurse anesthetist who became a commercial real estate investment figure before pleading guilty in 2025 to one count of bank fraud.
Onofrio was sentenced to three years in prison and ordered to pay $5.39 million in restitution to a Bloomington, Minnesota, bank in connection with commercial deals unrelated to the Rochester center.
The property was originally developed by Twin Cities developer Howard Paster of Paster Enterprises in 2003, following the purchase of the land for $1.43 million from a Madison, Wisconsin, company that had considered building a hotel on the site.
John B. Pfaff and his son Brad J. Pfaff of White Bear Lake purchased the complex from the Pasters in 2005 for $6.9 million, marking their first investment property in Rochester.
“We liked the property and the market. We like the growth in the north sector of the city,” Brad Pfaff said at the time of that purchase.
Woodbury Hotel, LLC of Shoreview, Minnesota, later acquired the property from the Pfaffs in 2006 before selling it to Moose Enterprises, completing a chain of ownership that now ends with North Rock’s latest acquisition.
