Gaughan Construction Celebrates Ground Breaking of City Center Commons Project
Gaughan Construction broke ground on a new 2 building office medical project in Forest Lake. The new City Center Commons project is the first “ground up” construction project that Gaughan Construction has developed in recent years. City Center Commons is located along highway 61 adjacent to the recently built Forest Lake City Center Building, The project is scheduled for completion Q4 2015 into Q1 2016. City Center Commons has signed leases with Keller Williams, which will be the sole occupant for the 8,000 sf building. Maplewood Oral Maxillofacial Surgery and Thrifty White will anchor the adjacent 11,000 sf building. Negotiations are in the works for the remaining square footage for the 11,000 building.
“This is a great project for the City of Forest Lake and the community. We are proud to be developing this project and look forward to provide good quality space for tenants.” – Dan Hebert – VP of Commercial Accounts – Gaughan Companies
A solid foundation since 1969, Gaughan Companies provides the Twin Cities area with a full service commercial real estate company. We deliver consistent performance through unparalleled professionalism and personal service. Visit our website at www.gaughancompanies.com for more information.
Gaughan Companies Represents Seller On Medical Office Building Sale
Dan Hebert of Gaughan Companies, MN represented a physician group on the sale of their medical office building located at 8290 University Ave, Minneapolis MN. The 23,000 square foot medical property is anchored by Twin Cities Orthopedics.
“This is an institution grade asset with long term credit tenants. This coupled with low interest rates made way for a favorable CAP Rate which maximized the value for the seller.”
A solid foundation since 1969, Gaughan Companies provides the Twin Cities area with a full service real estate company. We deliver consistent performance through unparalleled professionalism and personal service. Visit our website at www.gaughancompanies.com for more information.
Gaughan Companies Commercial Property Management: Maintaining Assets, Creating Peace of Mind
Gaughan Companies Commercial Property Management:
Maintaining Assets, Creating Peace of Mind
Commercial property owners have a serious decision to make when it comes to managing their investment. Managing a commercial property efficiently and successfully involves a variety of aspects that must work hand and hand together to keep the building running smoothly 24/7. Around the clock maintenance issues and emergencies, accounts payable, reserve studies, annual budgets, and more. Vitally important to a building is the ability to collect rent, negotiate leases, manage tenant relations, as well as the knowledge to market and lease the property. Considering the limited amount of hours in a day as well as the countless other commitments including other investments, does an owner really want to spend a majority of their time managing their property?
There are infinite benefits to hiring a third party commercial property management company. The property owner can shift their focus to their individual business and interests. Management companies bring in expertise and knowledge that result in competent and successful management of day to day situations and other issues that can arise in a commercial building. They are qualified to make informed decisions and provide professional advice on topics such as contracts, legal advice, lease renewals, and current market awareness. The property benefits from managements strong relationships with vendors, legal counsel, CPA’s, and other entities that are a necessary component of assuring a buildings success. Last but certainly not least, most commercial property management companies are equipped with their own maintenance division that can provide 24 hour, 365 days a year peace of mind.
Gaughan Companies provides high quality third party property management for commercial real estate: office, retail, and industrial properties. Managing just under 1 million square feet of commercial property, Gaughan Companies has the experience, relationships, and solutions to help increase a property’s cash flow and maintain the asset. Management understands the risks involved with commercial property ownership and our goal is to create a partnership that increases the success and viability of the property.
If you are interested in Gaughan Companies third party commercial management services, please contact the Commercial Management Division at 651-464-5700.
Gaughan Companies Property Spotlight: Shalimar Estates
Gaughan Companies’ Property Spotlight: Shalimar Estates
Shalimar Estates is a 48 unit, condo-style rental property located in beautiful Burnsville, Minnesota. Shalimar Estates is conveniently located near Interstates 35E & 35W and Highway 77. Residents are just minutes away from popular amenities and local attractions such as Mall of America, Burnsville Shopping, MSP International Airport and just a quick drive to both Minneapolis and St. Paul.
The individual units at Shalimar Estates, consisting of 1,066 square feet, feature 3 bedrooms and 2 baths in a spacious and well laid out floor plan. Each unit comes with 2 separate balconies that allow the resident to utilize and enjoy the outdoor living space during the precious summer months. Semi-private entries, attached garages with remotes, air conditioning, and individual furnace and water heaters provide each unit with a single family home feel within a shared community. A courteous onsite staff and a 24 hour emergency maintenance service provide peace of mind to your living experience.
Located in a family friendly neighborhood, Shalimar Estates is located in the I.S.D. #191 School District near Sky Oaks Elementary, Joseph Nicollet Junior High and Burnsville High School. Onsite residents enjoy a recreational area that includes picnic space and a playground plus several community parks are located within walking distance. Other family attractions in close proximity to the property include the Minnesota Zoo, Buck Hill, and the Waterpark of America.
If you are interested in calling Shalimar Estates your home, please contact the leasing office at 952-432-3101. We look forward to hearing from you and assisting in finding your family a home in our community.
Businesses Coming to City Center Outlots
Gaughan Companies are scheduled to break ground on the city center outlots in June 2015. This project marks the company’s first new development project in years. Read the fully story courtesy of the Forest Lake Times:
https://forestlaketimes.com/2015/03/23/new-businesses-coming-to-city-center-outlots/
The Resurgence of Land Sales
The Resurgence of Land Sales
After many years stuck in a dormant market, commercial real estate land development in the Twin Cities is making a comeback. Local unemployment rates of approximately 4% help rise the demand for new housing options and the need for new retail services. Projects such as multi-family, senior housing, and retail users including grocery store chains are a driving force behind the resurgence. Historically high rents, as well as outlot development opportunities, have become a realistic option for businesses that require a “build to suit” options.
In the Twin Cities market alone, over 240 acres have been purchased for residential use projects by builders including Mattamy Homes, Ryland Group, and Ryan Companies. Additionally, retailers such as Hy-Vee, Jerry’s Foods, and Walmart have lots totaling over 90 acres for new development. The industrial market includes projects covering over 170 acres in the communities of Brooklyn Park, Minneapolis, Osseo, and Rogers.
The Gaughan Companies brokerage team has captured activity from this market revitalization and that has closed the deal on several land transactions in the past 24 months. Some of the transactions include:
- 157 acres of mixed use development land in Lino Lakes sold (Broker Team John Chirhart and Lou Suski)
- 22 acres purchased by Noble Academy to build a new charter school off of Highways 169 and 610 in Brooklyn Park (Broker Team Dan Hebert and Derrick Jensen)
- 30 acres purchased by Westmor Fluid Solutions for a new facility in Columbus (Broker Team Chirhart and Suski)
- 6 acres of commercial land off of highway 10 in Big Lake (Broker Dan Hebert)
- .65 acre residential lots purchased by a developer in Hudson, Wisconsin (Broker Team Jensen and Hebert)
- 55 acres of agricultural land in Rush City sold (Broker Team Chirhart and Suski)
- 1.5 acres commercial lot in Hugo under contract (Broker Dan Hebert)
- .64 acres redevelopment site in downtown Hugo (Broker Team Chirhart and Suski)
- 3.29 acres redevelopment site near downtown Forest Lake (Broker Team Chirhart and Suski)
For the first time in nearly a decade, Gaughan Companies has construction projects on the horizon that start from the ground up and stretch into 2016. Demand for new development in both the office and multi-family housing markets have created an opportunity for Gaughan Companies to go back to our construction roots. The first project, a medical office building outlot, is slated to break ground in summer of 2015.
With the ability to broker, develop, construct, and manage new projects, Gaughan Companies offers a veteran staff ready to fulfill your vision and exceed your expectations. Are you in the market to explore taking your business to the next level? Contact Us Today!
Gaughan Construction Completes Chanticlear’s Latest Restaurant Venture
Since 1964, the name Chanticlear Pizza is synonymous in the Twin Cities Area for quality pizza. The company began with one location in Fridley but the family owned chain has since developed into 14 locations with their market being the northern metro.
Upon a decision to expand their busy Coon Rapids location, a new concept was born and developed. The result, Chanticlear Pizza and Grill, opened in mid-December complete with an expanded menu that includes the locally famous pizza as well as burgers, pasta, sandwiches and a full-service bar. The environment accommodates families out for dinner and sports fans cheering for their favorite team.
Gaughan Construction transformed a former gas station at the North Lake Shoppes property in Coon Rapids into a fully operational kitchen, restaurant and bar. The scope of work included demolition of two inline spaces, framing, insulation, sheetrock, concrete, carpentry, installation of an acoustical ceiling and painting among other jobs. The Chanticlear Pizza and Grill also benefits from the former gas station’s canopy which has been converted into one of the best patio seating areas in the suburbs.
Head out to Chanticlear Pizza and Grill to experience quality food with a great dining experience. The restaurant is located at 11706 Crooked Lake Boulevard NW in Coon Rapids, MN. For additional information and specials, follow them on their Facebook page HERE
Rising Cost of Insurance Coverage
Rising Cost of Insurance Coverage As we start to put 2014 in the rear view mirror and look ahead to 2015, there is still some questions homeowners have in regards to the rising cost of association dues. Why do your dues seem to increase each year? What is this increase paying for?
One of the largest contributors to the recent increase in association dues is related to the significant increase in insurance costs. This is in no way a reflection the association’s insurance agent, but more on our own state. Minnesota has been one of the top three catastrophic loss states three of the last seven years. This has generated some red flags from the multifamily insurance group.
One of the largest storms to hit Minnesota recently was August 6, 2013. This storm came through much of the Twin Cities metro area, but most of the severe weather was in Eden Prairie, Eagan, Edina and Minneapolis. This storm alone caused an estimated $800 million and likely more! Both 2007 and 2008 also went over $1 billion in metro storm losses while 2008 reached $1.5 billion.
As an insurance carrier reviews a potential policy for a homeowners association many of the mentioned facts and history come in to play when offering coverage. This has increased the premiums for many carriers and even pushing some carriers to no longer offer property insurance in Minnesota.
Summer storms are bad enough, and now you have to factor in that severe weather has extended to the winter months as well. Severe cold temperatures has caused a large number of frozen pipe claims in the metro area. We have not even mentioned the damaged caused by a number of ice dam claims that are on the rise.
Hopefully the number of claims will slow, along with the severe weather, and the cost insurance coverage will also begin to slow down.
If you would like further information in regards to some helpful insurance tips please e-mail us at hoa@gaughancompanies.com. For all of your association needs you can check out our web page at www.gaughancompanies.com/hoa.
David Bruneau, CMCA Corporate Association Manager
Snow…. A Four Letter Word!
As you look out your window you may have noticed the leaves changing colors or have felt the crisp fall air in the mornings. Of course, we all know what comes next….snow! As we gear up over the next couple of weeks to get our kids and grandkids prepared for Halloween, here are a few useful reminders to prepare your home and association for winter:
-If traveling south for the winter remember to turn off your water and outside spigots, turn on your heat and maybe have a neighbor check in occasionally.
-All downspout extensions on driveways should be removed or put up to reduce plow damage.
-Report Ice Dams sooner rather than later. Ice Dams are much easier to maintain before they grow into something far more difficult to remove. One potential solution is to have added insulation and ventilation in your attic area.
-If you have any decorative ornaments make sure they are out of the reach of the sidewalk area. This will reduce or eliminate the potential of damage as vendors remove snow from the sidewalk area.
Almost all homeowner associations face the same challenges throughout the winter. The main challenge is making sure your snow vendor is getting out to your association in an appropriate amount of time after a snow fall. The best thing to do is check with your community manager or board on the terms of the vendor’s contract. Most snow vendors work with more than one association and work diligently to make sure they are getting each and every property to ensure owners are able to get in and out of their driveways with ease.
If you would like further information in regards to some helpful winter tips please e-mail us at hoa@gaughancompanies.com. For all of your association needs you can check out our web page at www.gaughancompanies.com/hoa.
Have a safe and happy Halloween!
Gaughan Companies to Host New Tech Forward Eatery
When you think burgers, fries and shakes, you probably don’t think high tech service. One of Gaughan’s newest tenants is looking to change all that with Diggity’s Drive Up.
On paper, Diggity’s is your classic burger shack served with a heaping helping of Americana. Unlike the drive ups of yesterday, you won’t find any rollerskating candy stripers whisking away orders to hungry patrons. In fact, you won’t find any servers at all.
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