North Dakota

Kraus-Anderson Completes Scheels Store at Dakota Square Mall in North Dakota

by Kristin Harlow August 16, 2022

MINOT, N.D. — Kraus-Anderson has completed construction of a 110,000-square-foot Scheels store at Dakota Square Mall in Minot. Designed by R.L. Engrebretson Architecture, the $20.6 million project involved the remodeling of an 85,000-square-foot former Sears store combined with a 25,000-square-foot space for a conference room, classroom and offices. The store offers a selection of sports gear, clothing and shoes. Shoppers can also enjoy Ginna’s Café, which serves soups, sandwiches and coffee, and Fuzziwig’s Candy Factory, which sells homemade fudge.

August 16, 2022

Acquisitions Data Centers Development Industrial Midwest North Dakota Top Stories

Bitzero to Redevelop Cold War-Era Missile Defense Site in North Dakota into Secure Data Center for $500M

by Jeff Shaw July 29, 2022

NEKOMA, N.D. — Bitzero Blockchain Inc. has agreed to acquire the Stanley R. Mickelsen Safeguard Complex (SRMSC) in Nekoma, a tiny city of fewer than 50 residents approximately 130 miles south of Winnipeg, Canada. The Cavalier County Job Development Authority (CCJDA) is selling the property to Bitzero, which plans to redevelop the asset into a highly secure data center. The project costs, including the acquisition, are estimated at $500 million. Commonly referred to as “The Pyramid,” the SRMSC is a Cold War-era military installation which was built in 1970 to protect the nearby Grand Forks Air Force Base from potential attack from Soviet missiles. The Pyramid became operational in 1975, featured two different kinds of radar systems and data processing equipment, and controlled 30 anti-ballistic missiles that could be launched in case of attack. The main building features three-foot-thick concrete walls. The missile site was abandoned after just eight months in operation, when Congress voted to deactivate it. The missiles and equipment were removed, but the concrete structures remain on the landscape. The CCJDA has owned the site’s tactical area since 2017, but voted unanimously to accept Bitzero’s bid proposal after a presentation from CEO Akbar Shamji. Bitzero’s bid proposal for the site included a …

July 29, 2022

Acquisitions Midwest Multifamily North Dakota

JLL Negotiates $19M Sale of Apartment Complex in Fargo, North Dakota

by Kristin Harlow January 26, 2022

FARGO, N.D. — JLL Capital Markets has negotiated the sale of Woodrow Apartments in Fargo for $19 million. The 97-unit apartment complex is located at 1222 4th Ave. and is the adaptive reuse of the 100-year-old Woodrow Wilson School. Amenities include a gym, community lounge, outdoor patio and heated underground parking. Adam Haydon, Mox Gunderson, Dan Linnell and Josh Talberg of JLL represented the seller, Fargo-based Kilbourne Group. Idaho-based Graystoke Capital Partners purchased the asset.

January 26, 2022

Acquisitions Midwest Multifamily North Dakota

Capstone Negotiates $6.4M Sale of Apartment Community in Minot, North Dakota

by Kristin Harlow January 7, 2022

MINOT, N.D. — Capstone has negotiated the $6.4 million sale of The Cobblestone Apartments in Minot, which is located in central North Dakota. Built in 2012, the 76-unit apartment community is located near Minot Air Force Base and Minot State University. Kevin Phelan of Capstone represented the seller, which also developed the property. The asset sold to an out-of-state buyer.

January 7, 2022

Development Hospitality Midwest North Dakota

New Extended Stay America Suites Hotel Opens in Minot, North Dakota

by Kristin Harlow November 19, 2021

MINOT, N.D. — ESH Strategies Franchise LLC has opened the first Extended Stay America Suites hotel in North Dakota. The three-story, 66-room hotel is located in Minot. Elevation LLC is the property owner and National Hospitality Services is the operator. The hotel features a market, onsite bar, business center, meeting space, complimentary breakfast, Wi-Fi and an outdoor pavilion. The 440-square-foot suites are equipped with refrigerators, stovetops, cookware, dishes and walk-in closets.

November 19, 2021

Development Industrial Midwest North Dakota

Amazon Opens First Fulfillment Center in North Dakota

by Kristin Harlow September 22, 2021

FARGO, N.D. — Amazon has opened its first fulfillment center in the state of North Dakota. The more than 1 million-square-foot facility opened on Sunday, Sept. 19 in Fargo and is expected to create more than 1,000 full-time jobs. Associates pick, pack and ship bulky or large-sized items such as patio furniture, outdoor equipment and rugs. Amazon also operates a delivery station in West Fargo.

September 22, 2021

Acquisitions Healthcare Indiana Midwest North Dakota

Hicks Ventures Sells Three Inpatient Rehabilitation Facilities Across States for $86.8M

by Kristin Harlow July 27, 2021

INDIANA, NORTH DAKOTA AND TEXAS — Hicks Ventures, a Houston-based privately held development company, has sold three net-leased inpatient rehabilitation facilities for a combined $86.8 million. The PAM/Cobalt Rehabilitation Hospital in Fargo, N.D., sold to Dallas-based MedProperties. The Cobalt Rehabilitation Hospital in Clarksville, Ind., as well as the Cobalt Rehabilitation Hospital in El Paso, Texas, sold to Medical Properties Trust Inc. Hicks developed all three properties from 2018 to 2019. Each hospital offers 42 patient beds, including 12 traumatic brain injury centers. Hammond Hanlon Camp represented Hicks in the transactions.

July 27, 2021

Loans Midwest Multifamily North Dakota

Greystone Provides $18.3M HUD-Insured Loan for Refinancing of Multifamily Property in North Dakota

by Kristin Harlow July 13, 2021

GRAND FORKS, N.D. — Greystone has provided an $18.3 million HUD 223(f) loan for the refinancing of Aspen Lofts Apartments in Grand Forks. Built in 2016, the 150-unit multifamily property offers studios, one-, two- and three-bedroom floor plans. Amenities include a clubhouse, fitness center, game room, dog park and picnic area. Adam Yitzhaky and Ilan Bassali of Greystone originated the loan on behalf of the borrower, Northridge Group. The 35-year loan is fully amortizing and features a fixed interest rate. Loan proceeds will also be used ongoing maintenance.

July 13, 2021

Development Industrial Midwest North Dakota

ADM to Build $350M Soybean Crushing Facility in Spiritwood, North Dakota

by Kristin Harlow May 12, 2021

SPIRITWOOD, N.D. — ADM (NYSE: ADM) has unveiled plans to build a new soybean crushing plant and refinery to meet demand from food, feed, industrial and biofuel customers. Located in Spiritwood, which is about 85 miles west of Fargo, the approximately $350 million complex will have the capacity to process 150,000 bushels of soybeans per day. ADM expects to complete the facility in time for the 2023 harvest. ADM also plans to invest approximately $25 million to expand refining and storage capacity at its crush and refining property in Quincy, Ill. The expanded facility is slated for completion in the second quarter of 2022. ADM is an agricultural origination and processing company based in Chicago.

May 12, 2021

Acquisitions Midwest North Dakota Retail

SRS Brokers $2.3M Sale of OfficeMax-Occupied Property in North Dakota

by Kristin Harlow February 26, 2021

GRAND FORKS, N.D. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.3 million sale of a single-tenant retail property occupied by OfficeMax in Grand Forks. The 23,500-square-foot building is located at 3225 30th Ave. Built in 1998, the property sits on 2.5 acres near the University of North Dakota and Columbia Mall. Joseph Simon of SRS represented the seller, a Madison, Wis.-based private investor. Simon also represented the buyer, an Oregon-based private investor completing a 1031 exchange.

February 26, 2021

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