Minneapolis investment group buys Schmidt Brewery’s Rathskeller on St. Paul’s West Seventh

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The historic Schmidt Brewery’s Rathskeller building on West Seventh Street has been sold to the Minneapolis-based Molina Investment Group for more than $2 million, according to the Minneapolis-St. Paul Business Journal, which reported that a sizable portion of the 20,000-square-foot building could be converted into a Brazilian steakhouse.

The building, at 882 W. Seventh St., was sold to Texas-based JTS Capital 3 LLC in a foreclosure auction last year for $1.6 million after its former owner, Craig Cohen, defaulted on a $3.2 million mortgage. Cohen had also redeveloped the building next door into the Keg & Case Market, which opened opened in September 2018, but with only a handful of commercial tenants remaining, MidWestBank One took deed and title to the property last October, the first step in positioning it for a likely sale. Cohen filed for personal bankruptcy protection in April.

The Business Journal reported that Wilson Molina is renegotiating leases in the 1930s-era Rathskeller building, which recently featured event space for Mancini’s Char House, as well as the offices of the West Seventh/Fort Road Federation, the ROK Music Lounge and Bar, and a wholesale bakery associated with the Rose Street and Patisserie 46 retail outlets.

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