VERMILLION, S.D. — Marcus & Millichap has arranged the $2.1 million sale of a 2,365-square-foot retail property occupied by Starbucks in Vermillion, home of the University of South Dakota. The net-leased building has a new 10-year lease with Starbucks that features 7.5 percent rental increases every five years. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
SIOUX FALLS, S.D. — McCarthy Building Cos. Inc. will construct the $215 million expansion of the Sioux Falls Regional Water Reclamation Plant. The first major expansion since the plant was built in the 1980s, the project is expected to increase the facility’s capacity by 50 percent — from 21 million to 30 million gallons per day — and enhance operational efficiencies to meet growing demand throughout the community and region. Completion is slated for 2025. Plans call for the construction of a new three-story “headworks” building, where wastewater initially enters the treatment process; the installation of new generators and an extensive electrical system upgrade; installation of three additional aeration basins, where wastewater is treated by microbes; four “final clarifiers,” which are large circular pools where solids are separated from treated water; and the expansion of an area of the plant where water is treated with chlorine, including the addition of more storage tanks. The project received funding through loans from the State Revolving Fund, a program that provides low-interest loans to water, wastewater and sewer projects. In addition to McCarthy, project partners include Carollo Engineers Inc. and locally based Henry Carlson Construction. Sioux Falls and the surrounding area are experiencing …
SIOUX FALLS, S.D. — McCarthy Building Cos. Inc. will construct the $215 million expansion of the Sioux Falls Regional Water Reclamation Plant. The first major expansion since the plant was built in the 1980s, the project is expected to increase the facility’s capacity by 50 percent — from 21 million to 30 million gallons per day — and enhance operational efficiencies to meet growing demand throughout the community and region. Completion is slated for 2025. Plans call for the construction of a new three-story “headworks” building, where wastewater initially enters the treatment process; the installation of new generators and an extensive electrical system upgrade; installation of three additional aeration basins, where wastewater is treated by microbes; four “final clarifiers,” which are large circular pools where solids are separated from treated water; and the expansion of an area of the plant where water is treated with chlorine, including the addition of more storage tanks. The project received funding through loans from the State Revolving Fund, a program that provides low-interest loans to water, wastewater and sewer projects. In addition to McCarthy, project partners include Carollo Engineers Inc. and locally based Henry Carlson Construction. Sioux Falls and the surrounding area are …
DAKOTA DUNES, S.D. — Cushman & Wakefield has negotiated the $7.6 million sale of Tower Medical Plaza in eastern Nebraska’s Dakota Dunes. The property totals 35,130 square feet and is fully leased by seven tenants, including Beth Bruening PC, Dunes Family Pharmacy, ENT Consultants, Fyzical, Kevin L. Preston DO, Dunes Pain Specialists and MercyOne. The building is attached to the Dunes Surgical Hospital. Gino Lollio and Travis Ives of Cushman & Wakefield’s healthcare capital markets team partnered with James Hain and Richard Secor of Cushman & Wakefield/The Lund Co. on the transaction. Florida-based Catalyst Healthcare Real Estate purchased the asset from SSC MOB1.
IOWA, NEBRASKA AND SOUTH DAKOTA — Northmarq has originated $199.1 million in Fannie Mae loans for the recapitalization of a 14-property multifamily portfolio located in Iowa, Nebraska and South Dakota. Brett Hood of Northmarq arranged the 14 separate loans on behalf of the borrower, Minnesota-based Monitor Finance. The portfolio includes 2,784 units, 98 percent of which are affordable for residents who earn up to 60 percent of the area median income. The loan amounts ranged from $5.6 million to more than $36.8 million. All of the loans were at a 70 percent loan-to-value ratio. All of the properties had existing fixed-rate agency debt with approximately six to eight years of loan term remaining. Twelve of the properties are located in greater Des Moines, two in Davenport, two in Omaha and one in Sioux Falls, S.D. The largest loan was for Camelot Village, a 485-unit community in Omaha.
HURON, S.D. — Kraus-Anderson has completed a $9 million renovation and expansion of Huron Regional Medical Center in Huron, a city in eastern South Dakota. The 23,500-square-foot expansion doubled the size of the clinic, providing enough space to serve more patients and house up to 20 physicians. A renovation of the emergency and imaging department added new infusion bays, treatment rooms and advanced hospital imaging, including MRI and 3D Mammography scanners. The property now rises two stories. Wold Architects was the project architect.
MOBRIDGE, S.D. — The North Dakota office of Kraus-Anderson has begun a $36 million expansion and renovation of Mobridge Regional Hospital and Clinics in Mobridge, a city in South Dakota situated along the Missouri River. The campus includes a 25-bed critical access hospital, four federally certified rural health clinics, a 24-bed assisted living and seniors housing center and a rural ambulance service. The expansion project will include a new patient wing, surgery suite and ambulance garage, as well as 63,000 square feet of upgrades to the hospital’s emergency room department, surgery suite, imaging, dining area and support offices. Davis Partnership Architects is the project architect. Completion is slated for spring 2025.
SIOUX FALLS, S.D. — Kingsbarn Realty Capital has acquired a 192,000-square-foot retail property occupied by Fleet Farm in Sioux Falls for an undisclosed price. Constructed in 2019, the property features a gas station, car wash, auto service center and garden center in addition to the main retail store. Fleet Farm has more than 17 years remaining on its lease. Las Vegas-based Kingsbarn intends to offer interests in the property in a Delaware Statutory Trust structure. Fleet Farm, which sells farm, pet, home improvement and automotive products, operates 47 locations across the Upper Midwest.
ABERDEEN, S.D. — Marcus & Millichap has arranged the sale of a 333,346-square-foot single-tenant manufacturing facility in Aberdeen for an undisclosed price. Built in 2007, the property sits on 54 acres at 1401 Brown County 19 North. The tenant, Molded Fiber Glass Cos., announced it would not be renewing its lease during escrow. Adam Abushagur and Tyler Sharp of Marcus & Millichap represented the seller, a private REIT. The duo also procured the buyer, an out-of-state private investment group.
SIOUX FALLS AND RAPID CITY, S.D. — Tzadik Properties LLC has received more than $115 million in loans for the refinancing of portions of its multifamily portfolios in Sioux Falls and Rapid City. Tzadik’s Lucas Grassano handled the processing and Michael Davalos oversaw the lender sourcing. The refinancings are part of the company’s business plan to move from short-term loans to long-term, lower-cost debt. Greystone provided financing for a 707-unit portfolio and a 439-unit portfolio in Sioux Falls. Under the new terms, Tzadik replaced bridge loans that charged a 6 percent interest rate with long-term loans at a 3.17 percent interest rate. Additionally, Tzadik assigned $4.5 million of the proceeds for capital improvements. Merchants Bank provided financing for two more portfolios in Sioux Falls, including 459 units across four properties, as well as a 261-unit portfolio in Rapid City. Under these terms, Tzadik replaced bridge loans that carried a 6 percent interest rate with long-term loans at a 3.5 percent interest rate. Tzadik entered the South Dakota market in 2018 with 721 units and now owns and operates 2,206 units across the market.
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