CORFAC News

Gaughan Companies/CORFAC International Principal Patrick Gaughan announced today that his firm has completed its latest development project in the North East Metro Market since the recession ended.

The new commercial buildings are located along Highway 61 on the south side of Forest Lake and combined measure approximately 20,400 square feet. The project is located within City Center Commons, a retail-oriented center. Well-known establishments directly adjacent to City Center Commons include the Forest Lake Government Center, Dollar Tree, Anytime Fitness, Lake 5 Theatre and Allina Health.

“We’re adding residential rooftops to the Minneapolis suburbs again and demand for more commercial and retail space is imminent based on the region’s population growth,” said Patrick Gaughan, in reference to the return of home building after a post-recession lull in the sector.

Gaughan has pre-leased the standalone, 9,500-square-foot office building to Keller Williams while the firm has pre-leased two out-of-the three retail spaces in the second building. Maplewood Oral Surgery leased approximately 4,600 square feet, Thrifty White leased approximately 3,200 square feet while 3,000 square feet is available for lease, preferably to a fast-casual or quick service restaurant. Construction on both buildings is complete except for the vacant restaurant space, which is available for custom build out.

Dan Hebert with Gaughan Companies has been marketing the space for the company’s City Center project. Nearby retailers include Menards, Target, Walmart, Home Depot, Cub Foods and Aldi Foods.

Gaughan said that he and John Chirhart, a leasing and sales broker with his firm, along with Dan Hebert and Lucas Gaughan from his company attended the International Council of Shopping Centers (ICSC) annual conference in Las Vegas in May specifically to forge relationships with national chain and franchise, quick service restaurant operators.

“In addition to trying to fill our new project with a restaurant operator working under chain and franchise agreements, we have five or six other properties in the region that we manage and would benefit from having restaurant tenants. It was good business for us to go to ICSC this year and we met with a number of nationally branded chains during the conference. We are talking with one of the subway restaurants about taking one of the locations we are trying to fill,” Gaughan said.

About Gaughan Companies/CORFAC International
Founded in 1969, Gaughan Companies has been a long-time provider of commercial general contracting and construction and brokerage real estate services (with offices in Forest Lake and Minneapolis). Over the years the firm has honed its expertise in additional areas including association management, commercial property management and facilities maintenance services. More recently, Gaughan Companies expanded its facilities maintenance services to include janitorial services. Learn more by calling 651.464.5700 or visit www.gaughancompanies.com.