15
Oct2012
Gaughan Companies/CORFAC International Facilitates $2.7 Million Sale of an Office Building in Minneapolis, Minnesota
Local press contact:Teresa Borgen/Gaughan Companies(612) 238-4400teresaborgen@gaughancompanies.com
Minneapolis, MN (October 15, 2012) – Gaughan Companies/CORFAC International, a leading full-service commercial real estate provider serving the Twin Cities market, today announced the completion of the sale of the Manufacturers Building (formerly Nate’s Clothing) located in 401 First Avenue North. The Historic Warehouse District property measures 55,250 square feet and is six floors high.
The property was sold by a local community bank to U.S. Hotel and Resort Management of Sioux Falls, South Dakota for $2.7 million. The buyer plans to develop the property into an upscale, boutique hotel.
Lou Suski and John Chirhart, both Vice Presidents with Gaughan Companies/CORFAC International represented the seller and procured the purchaser.
The Manufacturers Building, built in 1914 and listed on the National Register of Historic Places, was long time home to Nate’s Clothing before it was sold in 2008. The second through fifth floors were gutted and slated for redevelopment into creative offices and/or luxury apartments while a sixth floor was added in preparation for a penthouse. However, failure of the original lending institution forced the restaurant to shut down and renovation to be stalled shortly before the property was foreclosed on in early 2011.
“We had tremendous interest in this opportunity and were able to market and close this property in less than 90 days after listing. The quick sale process demonstrates the strong demand for well-located assets in the central core,” said Lou Suski, Vice President, Gaughan Companies.
About Gaughan Companies/CORFAC InternationalGaughan Companies is a Twin Cities full service commercial real estate firm with offices in Minneapolis and Forest Lake, Minnesota, providing professional expertise in Sales, Leasing, Buyer/Tenant Representation, Property Management, Maintenance and Community Association Management.
About CORFAC InternationalCORFAC International (Corporate Facility Advisors) is distinguished by the way it manages multi-market commercial real estate assignments on behalf of corporate entities and privately owned companies. Founded in 1989, U.S.-based CORFAC is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services in North America, with coverage in South America provided by Panama-based Latin American Corporate Property Services. A Principal Member of FIABCI – the International Real Estate Federation with global affiliates in Europe and Asia, CORFAC International offers commercial real estate services with market reach in 65 countries worldwide. In recent years, CORFAC firms have averaged 10,000 completed transactions annually encompassing nearly 100 million square feet and valued at more than $6 billion. For more information on CORFAC, contact 703.532.6160 or visit www.corfac.com.
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