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.
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.
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.
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.
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.
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.
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.
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.
FARGO, N.D. — MedProperties Realty Advisors has acquired a Post Acute Medical (PAM) inpatient rehab facility in Fargo for an undisclosed price. The 42-bed hospital spans 57,000 square feet. It is fully leased to PAM on an absolute net basis for 18 years. The property is the only inpatient rehab facility in the state, and it also serves portions of Minnesota and South Dakota, according to MedProperties. Siemens Financial provided debt for the acquisition. P.J. Camp and Mathew Tarpley of Hammond Hanlon Camp LLC arranged the transaction. The seller information was not disclosed.
FARGO, N.D. — Amazon.com Inc. has unveiled plans to open its first fulfillment center in the state of North Dakota in Fargo. Amazon expects to break ground next year and create 500 full-time jobs upon completion of the 1 million-square-foot facility. Employees will pack and ship large customer purchases such as sports equipment, patio furniture, fishing rods, pet food, kayaks, bicycles and other household goods. Ryan Cos. will develop the facility. Since 2010, Amazon has invested more than $239 million in North Dakota, including infrastructure and compensation to employees in the state.
