M
itchell's commercial landscape is undergoing changes, with notable businesses like The Back 40 and Marco's Pizza up for sale. However, local real estate experts remain optimistic about ongoing growth and new opportunities in the area.
Brian Eliason, a commercial real estate agent with Janklow Eliason, reports a strong market with plenty of opportunities for investors. The firm currently has 19 commercial listings totaling nearly $20 million in property value, spanning various locations including several downtown properties. One notable listing is the former Charlie's Shoe Repair, which recently changed hands and is now listed for sale without the business assets.
Another attractive investment opportunity is the antique mall on Main Street, which Eliason says is a prime spot with high traffic. The closure of Marco's Pizza is a setback, but Eliason remains optimistic, noting that the building is already under contract and will soon have a new chapter.
The Back 40, a popular restaurant, is also up for sale after its owner Keke Leiferman listed it earlier this week. Eliason expects a fast sale due to the competitive price of $400,000 for 7,500 square feet. The property was previously under contract but fell through, and Leiferman plans to continue operating with reduced hours until the property sells.
Mitchell's commercial landscape is not just about real estate transactions; there's an active effort to diversify and expand the town's dining and retail options. Mike Lauritsen, CEO of the Mitchell Area Development Corporation and Chamber of Commerce, reports significant progress in this area, including the opening of a Wendy's restaurant and ongoing discussions with national restaurant chains.
The downtown core remains a focal point for commercial development, but Eliason notes that there are only a few buildings available for sale and a handful of spaces available for lease. He credits the limited availability as a sign that Mitchell's downtown has reached a state of revival. Eliason has been involved in seven property transactions between First Avenue and the bypass on Main Street since the beginning of the year, either new businesses or businesses relocating onto Main Street.
The closure of Marco's Pizza won't have a significant impact on the town's economy, according to Eliason, as it reduces competition for remaining pizza operators. Looking to the future, Eliason sees substantial growth potential in areas like near Cabela's and along the bypass, where new developments are underway or planned. Despite some closures, Mitchell's commercial real estate market remains robust, with a typical annual transaction volume of around $100 million this year reaching $90 million.
