South Dakota

Kraus-Anderson Begins $36M Expansion of Mobridge Regional Hospital in South Dakota

by Kristin Harlow May 26, 2022

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.

May 26, 2022

Acquisitions Midwest Retail South Dakota

Kingsbarn Acquires Fleet Farm-Occupied Retail Property in Sioux Falls, South Dakota

by Kristin Harlow April 27, 2022

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.

April 27, 2022

Acquisitions Industrial Midwest South Dakota

Marcus & Millichap Arranges Sale of 333,346 SF Industrial Building in South Dakota

by Kristin Harlow August 26, 2021

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.

August 26, 2021

Loans Midwest Multifamily South Dakota

Tzadik Properties Receives $115M in Loans for Refinancing of South Dakota Multifamily Portfolios

by Kristin Harlow February 18, 2021

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.

February 18, 2021

Acquisitions Midwest Multifamily South Dakota

Circle Capital Partners Purchases 265-Unit Apartment Community in South Dakota

by Kristin Harlow January 19, 2021

RAPID CITY, S.D. — Circle Capital Partners, in partnership with Tzadik Management, has purchased LaCrosse Estates in Rapid City. The 265-unit apartment community is located at 761 E. Anamosa St. Circle plans to undertake some minor renovations at the property, which was built in 1985 and is 97 percent occupied. Monthly rents range from $684 to $949. Amenities include a clubhouse, indoor pool, sauna and sport court. The seller and sales price were undisclosed.

January 19, 2021

Development Industrial Midwest South Dakota

Amazon to Build First Fulfillment Center in South Dakota

by Kristin Harlow December 23, 2020

SIOUX FALLS, S.D. — Amazon.com Inc. has unveiled plans to open its first fulfillment center in the state of South Dakota. The 640,000-square-foot development will be located in Sioux Falls and is expected to open in 2022. Amazon expects to create 1,000 full-time jobs at the facility. Employees will work alongside Amazon robotics to pick, pack and ship small items to customers such as books, electronics and toys. Since 2010, Amazon has invested more than $1 million in South Dakota, including infrastructure and compensation to employees in the state.

December 23, 2020

Acquisitions Affordable Housing Midwest Multifamily South Dakota

Tzadik Properties Acquires 156-Unit Workforce Housing Community in Sioux Falls, South Dakota

by Kristin Harlow December 15, 2020

SIOUX FALLS, S.D. — Tzadik Properties LLC has acquired Woodlake Apartments in Sioux Falls. The 156-unit workforce housing community sits on 7.6 acres at 4008 S. Louise Ave. Tzadik plans to spend $1.5 million on improvements. Woodlake Apartments offers one- and two-bedroom units with monthly rents averaging $725. Michael Haeder of Haeder & Associates brokered the sale. Merchants Bank provided acquisition financing. The seller and sales price were undisclosed.

December 15, 2020

Loans Midwest Multifamily South Dakota

Merchants Capital Arranges $14M Refinancing for South Dakota Townhome Community

by Kristin Harlow August 24, 2020

SIOUX FALLS, S.D. — Merchants Capital has arranged approximately $14 million for the refinancing of West Pointe Commons, a 141-unit rental townhome community in Sioux Falls. Merchants Bank of Indiana provided the loan for the borrower, a local investment group. West Pointe Commons offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, clubhouse, pool and playground.

August 24, 2020

Loans Midwest Multifamily South Dakota

Grandbridge Provides $26.2M Refinancing for Apartment Community in Sioux Falls, South Dakota

by Kristin Harlow July 16, 2020

SIOUX FALLS, S.D. — Grandbridge Real Estate Capital has provided a $26.2 million Freddie Mac loan for the refinancing of The Commons in Sioux Falls. Built in 2017, the apartment community features 292 units. Brett Olson and Matt Halberg of Grandbridge originated the fixed-rate, nonrecourse loan. It features a 36-month interest-only period, a 10-year term and a 30-year amortization. The borrower, a repeat client, was undisclosed.

July 16, 2020

Loans Midwest Multifamily South Dakota

JLL Provides $27.5M in Fannie Mae Loans for Refinancing of Two Apartment Communities in South Dakota

by Kristin Harlow June 30, 2020

RAPID CITY, S.D. — JLL Capital Markets has provided $27.5 million for the refinancing of Harmony Heights Apartments and Stoney Creek Apartments in Rapid City in western South Dakota. The two garden-style communities total 533 units. The two Fannie Mae loans feature 10-year terms and fixed rates. Brock Yaffe of JLL originated the financing on behalf of the borrowers, Harmony Heights Associates LLP and Stoney Creek Associates LLP. Built in 2003, Harmony Heights consists of 15 buildings housing 255 units. Developed in 2008, Stoney Creek consists of 16 buildings totaling 278 units.

June 30, 2020

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