Gaughan Sells Coon Rapids R&D Building for $3.89M (Finance and Commerce)
Gaughan Companies had a great relationship with Bayer Medical and Boston Scientific. We are grateful that commercial real estate development is on the rise, and we’re excited to bring new product to the market.
Gaughan Sells Coon Rapids R&D Building for $3.8M
9055 Evergreen Blvd., Coon Rapids
Description: 50,528-square-foot Class B flex research and development building, built in 1987 on 4.5 acres at 9055 Evergreen Blvd., Coon Rapids
Buyer: Conforti Holdings LLC, Coon Rapids
Seller: 9055 Building LLP, an entity of Gaughan Cos., Forest Lake
Purchase price: $3.885 million, with a $1.81 million down payment and new financing
Price per square foot: $76.89
The transaction: Forest Lake-based Gaughan Cos. has sold a Coon Rapids investment property it has held for two decades for $3.89 million to a new owner-user.
Conforti Holdings LLC closed July 20 on the purchase of the 50,528-square-foot Class B flex research and development building at 9055 Evergreen Blvd. The seller was 9055 Building LLP, the same Gaughan entity that bought the building for $1.5 million in 1995. The current price works out to $76.89 per square foot. Dan Hebert of Gaughan represented the company in the sale. Hebert wasn’t available this week, but company officials confirmed the sale. They noted the building was occupied over the years by Possis Medical, Bayer Medical and Boston Scientific. They declined to identify the buyer, but confirmed it is an owner-user.
Gaughan officials say they are liquidating some of the company’s older assets to generate cash for new development projects.
In July, Gaughan closed on the $1.2 million purchase of two properties at 304-308 Snelling Ave. N. in St. Paul, where it plans to build Liffey on Snelling, a 60-unit luxury apartment building.
Eric Batiza, vice president in the Minneapolis office of Colliers International, represented the buyer of the Coon Rapids building. He identified the new owner only as a Twin Cities company in need of a larger space. He declined to comment further.
Last sale: Seller paid $1.5 million in 1995
Property ID: 36-31-24-24-0014
(From Finance and Commerce)
Precast Construction at Lighthouse Lofts
“You can’t build a great building on a weak foundation. You must have a solid foundation if you’re going to have a strong superstructure.” – Gordon B. Hinckley
The next step in the construction at Lighthouse Lofts Luxury Apartments has begun! Materials arrived on site at the end of August to begin placement of precast columns, beams and planks. Once precast is complete, metal framing will begin at street level and wood panel construction will be installed on levels two through five.
Thank you to Molin Concrete Products for their hard work on the precast products.
Check out the construction progress everyday at http://www.lighthouseloftsmn.com.
Night to Unite 2017: Neighbors Joining Together
Night to Unite (formerly National Night Out) is held each year on the first Tuesday in August. Neighborhoods are asked to turn on their outside lights and spend the evening getting acquainted with each other. Whether you are an organized Neighborhood Crime Watch (NCW) group, or just thinking about organizing, it is important to talk with your neighbors to find out what is going on. This is an evening when neighbors throughout the city, state and country gather to get to know one another and promote Community Safety.
If neighbors organize their efforts to be vigilant of each other’s property, it will likely result in the reduction of criminal incidents. You can send a message to criminals letting them know that neighborhoods are organized and looking out for one another. We, at Gaughan Association Management, support this effort and hope many of our communities choose to come together on this night in some way. It doesn’t have to be an elaborate party or gathering, but here are some ideas of what other communities are doing:
- Ice Cream Social
- Bike Parade- Have the kids on your street decorate their bikes and parade them through the neighborhood at a specified time.
- Pot Luck Supper
- Ask people to contribute $5.00 per person and order pizza.
- Bubbles and Sidewalk Chalk
- Inflatables and a DJ
Whatever is appropriate for your demographic and budget- it doesn’t need to be elaborate. The point is to come together and get to know each other.
Check with your city to see if they participate in Night to Unite, as many cities do, and they will even have the Fire Department, Police Department, and other city representatives attend your party! You may need to register your party with the city, but what a great way to strengthen neighborhood spirit and police-community partnerships. Also check with your local businesses as many sponsor or will donate money or items towards Night to Unite parties.
Hope to see you all out getting to know each other on Tuesday, August 1st!
CoStar Retail Statistics: Minneapolis Retail Market Mid-Year 2017
Click on the image to read the full CoStar Retail Statistics report.
Snelling Ave. at I-94 Will See New Development in 2018
St. Paul, MN – July 21, 2017 – Gaughan Companies, Commercial Real Estate Developer and General Contractor, closed on the purchase of 304-308 Snelling Avenue in St. Paul on July 12, 2017. The final decision for the purpose of the new development is still being considered. Gaughan Companies is eager to develop in the city of St. Paul again.
Just off of I-94, the property is within walking distance of the Minnesota United FC Stadium and the Snelling Avenue Metro Transit Green Line. In addition to a new Whole Foods, this ideal neighborhood is also conveniently located near several major universities, including Concordia University, Hamline University, Macalester College, University of St. Thomas and St. Catherine University. Over 42,000 vehicles pass by this corner every day.
The current building was constructed in 1913, and the property has been owned by the same person for nearly 40 years. Gaughan Companies is looking forward to the opportunity to redevelop this site and build a new facility for the community.
For more information, visit www.gaughancompanies.com.
Art and Science Academy Ground Breaking Ceremony
We are honored to be chosen as the General Contractor for the Art and Science Academy’s new middle school in Isanti. It was our pleasure to host a ground breaking ceremony to celebrate the construction of this incredible project.
School Director Carlo Galeazzi, Isanti Mayor George Wimmer, the school Board of Directors, including Chairwoman of the Board Susan Mackert, Economic Development Director Sean Sullivan, teachers, staff, and many others gathered at the construction site to celebrate. We are thankful for the opportunity to build this facility and work with all of these great people.
For more information, visit the Gaughan Construction Facebook page.
https://www.facebook.com/gaughanconstruction/videos/781124825427689/
Tech Talk: Spring Cleaning Kitchen Appliances
Spring is finally here! Here are a few reminders that might be helpful in your spring cleaning.
- Pull out the refrigerator, clean up the back, and vacuum under to remove any dust and food particles that have accumulated.
- If you have an older fridge, be careful around any uncovered coils in the back or beneath!
- For the stove, pull it out, clean behind it, underneath and on the sides. I suggest using a kitchen cleaner, like 409 or Lysol Antibacterial, to remove any grease that has fallen down the sides.
- Check all electric and/or gas connections for the stove and oven.
We know spring cleaning isn’t always fun, but I hope these tips help the process go a little smoother!
Prepare the Construction Site for Severe Weather
In Minnesota, summer is a coveted season, and in the construction industry, it is the busiest season. There aren’t too many months out of the year when building can be done outside. In order to maximize the benefits of this season, general contractors need to prepare their construction sites for the chance of severe weather because while the weather can be perfect for construction, it can also be dangerous.
Late spring and summer severe weather in Minnesota includes torrential rains, flooding, hail, wind storms and tornados. These can all slow down construction and drastically increase the cost of a project if major damage and delays happen.
For wind storms and tornados, discuss with the project engineer where structure bracing can be done. Confirm that all loose materials and tools are properly secured or stored away. Airborne machinery can cause damage to more than just a construction site.
For rain and flooding, install temporary or permanent drainage systems where necessary. If a storm is approaching, check that these systems are free of debris. To also prepare for hail, temporary roofing or material coverings should be put into place until the permanent roof and building openings are all secured.
As every good general contractor knows, always check for severe weather alerts and have emergency plans put into place before the project begins.
-Jeff Bock
Gaughan Tech Talk: Air Conditioner Care
Now that warm weather is approaching, it’ll soon be time to turn on the air conditioner. Here are a few tips on air conditioner care so you can keep your A/C in top working condition.
- Replace the pleated air filter every 3 months.
- Remove any sticks, leaves, grass, etc. from the condenser unit located outside. Debris on the outside of the unit will drastically affect performance. (I recommend an annual cleaning by an HVAC technician.)
- To clean the outside of the unit, use a little car polish on the box; that will shine it up. On the inside of the unit, a water hose and coil cleaner are used to clean the condenser coil.
- Do not cover the condenser with a cover or tarp in the off season. This will hold in moisture.
- Indoors, check the evaporator drain line to make sure it isn’t plugged. This removes condensation from the air handler, and it must be kept clear.
- It is a good idea to change the thermostat batteries at the start of every cooling season.
These are just a few things you can do to help your air conditioner run efficiently this season.
Robust Economy Ripe for Development
While many people are hesitant when faced with a change, real estate developers welcome change and are always up for a challenge; it comes with the territory. At a development site, people can generally only see that a building is worn down and beyond use, but they don’t want to let go of what once was.
An artistic, visionary developer can see beyond what may currently be there. They recognize the potential in a worn down building, if it can be repurposed instead of demolished. But sometimes, a building is just beyond repair. It is a developer’s job to discover a greater purpose for the site that far exceeds the community benefits of what was once there.
Developers face many challenges and are frequently stereotyped, but they are willing to take high risks to promote community growth and reward. The right developer will select a site design that is not only right on the inside but focuses attention to the exterior. Opposition to developers are often concerned about what the appearance of the building will be. Most developers don’t understand this, but this is the approach that Gaughan Companies takes.
A recent article in the Star Tribune looks into the increase in development in the Twin Cities. Contact one of our development or brokerage experts at Gaughan Companies, and let them put their proven skills and expertise to work for you on your next project.
-Patrick Gaughan
