CORFAC News

Minneapolis, MN (October, 4, 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 17 fully leased units in the Rum River Condominium building for $800,000, or an average of $47,059 per condominium home. The 17 units located at 610 Whiskey Road in Isanti, MN are part of a larger 50-unit condominium building.

Lou Suski (Vice President) and John Chirhart (Vice President), Gaughan Companies/CORFAC International represented the seller and procured the purchaser.  The bank-owned property was sold for $800,000 to Isanti Condos, LLC represented by Larry Olson and Gary Stenson.

The Rum River Condominium building was built in 2005 and features 50 one and two-bedroom units with underground parking. Situated on 2.6 acres of land, the site has two adjoining multifamily pad sites for additional development.

“We are extremely pleased to have sold this property on behalf of our valued client,” stated Lou Suski, Vice President, Gaughan Companies/CORFAC International. “The new owners acquired a fully leased, well designed condo portfolio yielding positive cash flow at an excellent price. Despite the challenges of the current investment market and the properties’ somewhat distant location from the Metro core, we were able to close this transaction in just over 120 days after listing.”

Isanti is approximately 40 miles north of Minneapolis and served by Minnesota State Highway 65. The 2010 census states that the city of Isanti has a population of 5,251.

Gaughan Companies/CORFAC International provides professional expertise in Sales, Leasing, Buyer/Tenant Representation, Property Management, Maintenance and Community Association Management with offices in Forest Lake and Minneapolis, Minnesota.

About CORFAC International
CORFAC 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.