Rehfeld’s building sells in less than 48 hours

Aug. 29, 2019

The Rehfeld’s building at 210 S. Phillips Ave. has a new owner.

The building sold for its asking price of $1.85 million.

“It was under contract in less than 48 hours after we listed it,” according to Ryan Tysdal of VanBuskirk Cos., who brokered the deal.

“The first group who looked at it wanted a couple days to think about it before proceeding. It sold before they came back to the table.”

The buyers weren’t far away. The new owner is 210 Phillips LLC, which includes Brad Dietzenbach and Katie Krantz, who are partners at VanDeWalle Architects at 212 S. Phillips Ave.

“We’ve been longtime neighbors with Larry, and this was an opportunity to purchase the neighboring property, which we felt was a great way to further invest in downtown Sioux Falls,” Dietzenbach said.

The building has been home to the 9,500-square-foot Rehfeld’s Art & Framing gallery since 1998, and Rehfeld’s will remain the tenant of the building after the sale.

Larry and Barbara Rehfeld have owned the building for more than 20 years and felt the time was right to sell, they said.

“With the direction the downtown real estate market has been going, we couldn’t pass up the opportunity to sell,” Larry Rehfeld said. “And we felt the central location on Phillips Avenue would make it desirable for a buyer.”

The downtown market is at an all-time high, according to Tysdal.

“We continue to see real estate selling at super-premium prices downtown,” he said.

“I think owning a piece of downtown is nostalgic to many buyers, despite the price tag. It’s like owning a piece of the city’s history.”

Rehfeld’s Gallery up for sale

In the midst of selling the real estate, Larry and Barbara Rehfeld have listed their art and framing business for sale.

While it’s continuing to operate, the business is listed for $130,000 with Ray Gonzales of Murphy Business Sales.

“This is a stellar opportunity to own a great business that has been a staple of downtown at a really great price,” Rehfeld said.

The couple started the business in 1983.

Loft for lease

In addition to the retail gallery, the building also has a residential loft for lease that includes a rooftop patio overlooking the heart of Phillips Avenue.

“It’s one of the best downtown lofts out there,” Tysdal said. “Many of the potential buyers who called were attracted by the rooftop patio, which is one of the coolest spaces in the city.”

The Rehfelds used to live in the loft and have been renting it out for several years.

The loft is listed for lease with Joe Green of 605 Real Estate.

Want to stay in the know?

Get our free business news delivered to your inbox.



Rehfeld’s building sells in less than 48 hours

There are some big changes coming to a downtown building and the longtime business inside it.

News Tip

Have a business news item to share with us?

Scroll to top