Business briefs: Changes in store for Burnsville's Gateway Stop N Go

The Gateway Stop N Go in Burnsville has a new owner with plans to demolish the existing gas station and convenience store and build a strip mall on the site.

A business partnership that includes Coldwell Banker Commercial Griffin Companies closed about two weeks ago on its purchase of the property, according to Jeff LaFavre, a senior partner at the Minneapolis-based commercial real estate firm. The previous owner, Ambar Group Inc., had operated the station and store on the southeast corner of Burnsville Parkway and Harriet Avenue for about two years.

No building plans have been submitted yet to the city, but LaFavre said his firm has begun marketing the site to potential tenants.

"We have a couple of medical users that have expressed strong interest. We also believe there could be interest from some restaurants that are looking to be in the Heart of the City area and are having challenges finding locations," LaFavre said.

Other possible tenants include shops and financial services firms. LaFavre said he expects the new building would have about 8,600 square feet.

He also said he doesn't expect any problems related to removing the gas pumps and underground tanks. "We had an environmental assessment done and it came back completely clean," he said.

The service station is the second commercial property in the area acquired by a partnership formed by LaFavre's firm.

The office building was in receivership and owned by a lender that didn't want to invest to maintain the property, LaFavre said. "We've spent the last several months cleaning it, demolishing some space and putting in tenant improvements," he said.

Some of that work is still going on, and LaFavre estimated the partners will wind up spending about $500,000 on upgrading the office property. His firm began leasing it in January.

The new home for Lockheed Martin Corp. in Eagan has a new owner.

A business entity of Bloomington-based United Properties recently paid about $9 million for the 77,000-square-foot building at 1303 Corporate Center Drive.

The building is occupied by about 200 employees, mostly in Lockheed's air traffic management business, who moved to the building late last year. It's about 2 miles from Lockheed's former corporate campus, near Yankee Doodle Road and Pilot Knob Road, which that once housed 1,000-plus workers.

Earlier this year, the City Council reviewed a consultant's study laying out alternative plans for the site, including some with offices, housing and an entertainment venue, in addition to retail.

Council members didn't choose a plan, but their comments showed a preference for a mix of uses for the parcel.