INDIANA, MINNESOTA AND NORTH DAKOTA — Four Corners Property Trust (NYSE: FCPT) has purchased six Red Lobster restaurant properties in Delaware, Indiana, Kentucky, Minnesota, Mississippi and North Dakota for $25.9 million. All six properties are under one triple-net master lease, which includes two other Red Lobster properties previously acquired by FCPT in November 2017. The master lease has approximately 21 years remaining.
FARGO, N.D. — Newmark Knight Frank (NKF) has arranged a $77.2 million construction loan for Block 9, a $125 million mixed-use project in downtown Fargo. The project involves the transformation of a 48,000-square-foot parking lot into an 18-story mixed-use tower. Ben Greazel of NKF arranged the loan on behalf of the borrower, a joint venture between Kilbourne Group and R.D. Offutt Co. A syndicate of banks led by First National Bank of Omaha provided the financing. Construction began in September. R.D. Offutt Co. will occupy a portion of the tower for its headquarters. Other components of the project include ground-floor retail space, a boutique hotel to be managed by Aparium Hotel Group, a restaurant and residential condominiums. Completion is slated for 2020.
GRAND FORKS, N.D. — Marcus & Millichap has brokered the sale of Med Park in Grand Forks for $5.7 million. Altru Health System anchors the 59,117-square-foot retail property, which is located at 1375 S. Columbia Road. Other tenants include a floral shop, pharmacy and UPS store. Adam Prins, Cory Villaume, Matthew Hazelton and Sean Doyle of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company.
FARGO, N.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Insurance Auto Auctions Inc. in Fargo for $5.7 million. The property is situated on 19 acres next to Hector International Airport. There are over 17 years remaining on the lease, which expires in November 2035. Randy Blankstein and Jimmy Goodman of Boulder brokered the sale. An institutional investor purchased the asset from a Southwest-based private developer.
WILLISTON, N.D. — IRET (NYSE: IRET) has closed on the sale of its interest in a multifamily portfolio in Williston for $42.3 million. IRET owned the majority interest in the Renaissance Heights and Williston Gardens properties, which consist of 433 units and a vacant land parcel. IRET was the sole owner of Dakota Commons, which includes 44 units. IRET managed all 477 units prior to the sale. Williston is in the Bakken region of North Dakota, which is known for oil production. Following this transaction, IRET has no remaining units in Williston. The buyer was Weidner Apartment Homes.
FARGO, N.D. — Dougherty Funding LLC has provided a $25.2 million loan for the refinancing of a five-property retail portfolio in both North Dakota and South Dakota. The unnamed properties total 222,945 square feet and are located in Fargo and Grand Forks, N.D., as well as Sioux Falls, S.D. Dougherty’s Minneapolis office served as lead lender and servicer for the loan. The borrower was not disclosed.
HAZEN, N.D. — The Neenan Co. has completed construction of a new 55,300-square-foot medical facility for Sakakawea Medical Center in Hazen in central North Dakota. The new facility integrates both a critical access hospital and a community health center. As a comprehensive medical center, the new facility will enable Sakakawea Medical Center to meet the primary care, diagnostic, emergency, surgical and acute care needs of the rural community while promoting the long-term well-being of the region through wellness and prevention programs. The facility has replaced a previous medical center built in 1969.
FARGO, N.D. — Marcus & Millichap has brokered the sale of Days Inn Fargo, a 75-room hotel in Fargo. The sales price was not disclosed. The property, originally built in 1993 as a Hampton Inn & Suites, is located at 3431 14th Ave. Southwest. Jon Ruzicka of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Ruzicka, along with Helen Zaver, represented the buyer, a real estate investment trust.
STANLEY, N.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko Hometown in Stanley, located in northwestern North Dakota, for $4.8 million. The 26,004-square-foot property is located at 702 Westview Lane. There are over 13 years remaining on the Shopko lease, which expires in November 2030. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate institution. A Southwest-based real estate investment firm purchased the property.
MINOT, N.D. — Marcus & Millichap has brokered the sale of a retail property net leased to Wells Fargo in Minot, located in north central North Dakota, for $3.4 million. The property is located at 3106 16th St. Chris Lind, Jamie Medress and Mark Ruble of Marcus & Millichap secured and represented the buyer, a limited liability company.