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Stub & Herb's sells to University of Minnesota Foundation; campus bar's days are numbered

Stub & Herb's: From 'Your Grandpa Drank Here' to 'Your Grandkids Will Accumulate $300,000 in Student Loan Debt Here."

Stub & Herb's: From 'Your Grandpa Drank Here' to 'Your Grandkids Will Accumulate $300,000 in Student Loan Debt Here." Google Earth

The Earth has rotated on its axis again, which means it's time for another possible-development story that will make you sigh.

Yesterday it was the downtown Grumpy's Bar that's up for replacement. Today, it's Stub & Herb's, a bar that opened on the University of Minnesota campus in 1939, back when Franklin Roosevelt was still trying to get the economy turned around. 

Stub & Herb's will be around to celebrate its 80th birthday as a watering hole,  according to a Business Journal story. How much longer beer flows after that is up to the University's own whims: The bar's been sold to the University of Minnesota Foundation, the investment/real estate acquuisitions fund affiliated with the liberal arts college.

Bar owner Josh Zavadil, who says he's been approached by property developers "almost monthly," tells the Journal that a lease-back included in the deal will allow him to keep Stub & Herb's open "for at least two years, but I think closer to seven."

The Stub & Herb's property and an adjacent Jimmy John's went for $7 million, the Business Journal reports; earlier in June, the U Foundation bought Stadium Village Plaza, a short trip down Washington Avenue from Stub & Herb's, for close to $15 million.

The purchases mean the U is in posession of some prime real estate between the freshman dorms and TCF Bank Stadium, though there are some holdout parcels of land the school's foundation doesn't own. Yet.

Stub & Herb's, which joins a growing list of "it just ain't the same" business closures on the U of M campus in recent years, has a tagline that reads: "Your Grandpa Drank Here." Perhaps some day students will wear shirts that read "Your Grandpa Drank Here Back When It Was A Bar And Not A Hastily Assembled Rectangle With Two Pharmacies and An Amazon Delivery Tube."