Gary E. Hegenes Buys 67-Unit Mixed-Use Asset In Elk River For $12.6M

The property involved in the transaction is a mixed-use asset located at 633 Main Street Northwest in Elk River, Minnesota. The property consists of 67 units and was sold for $12,600,000, resulting in a price per unit of $188,060. The sale was facilitated by CBRE, with Gary E. Hegenes purchasing the property from Granite Shores, LLC. The seller was represented by Drew Rafshol, Abe Appert, Keith Collins, and Ted Abramson from CBRE. The property's quality, spacious floor plans, and prime location in downtown Elk River's high-growth submarket attracted strong local investor interest.

Summary of transation details:

• Property Type: Mixed-use
• Transaction Amount: $12,600,000
• Units: 67
• Price Per Unit: $188,060
• Address: 633 Main Street Northwest
• Market: Elk River, Minnesota
• Buyer: Gary E. Hegenes
• Seller: Granite Shores, LLC
• Brokers: Drew Rafshol, Abe Appert, Keith Collins & Ted Abramson - CBRE

The sale of the 67-unit mixed-use property in Elk River involved key individuals including Gary E. Hegenes as the buyer and Granite Shores, LLC as the seller. The brokerage team from CBRE, comprising of Drew Rafshol, Abe Appert, Keith Collins, and Ted Abramson, played a crucial role in facilitating the transaction. The property's appeal to local investors was underscored by its desirable features, such as quality amenities, spacious layouts, and its strategic location within Elk River's growing submarket.