NorthMarq Arranges $33.4M Acquisition Financing for 691-Unit Multifamily Portfolio in North Dakota

GRAND FORKS, N.D. — NorthMarq has arranged $33.4 million in combined agency debt financing for the acquisition of four multifamily properties in Grand Forks, the third-largest city in North Dakota. The workforce housing properties total 691 units and include Forest Park Apartments, Valley Park Manor, Southwind Apartments and Landmark Estates. The Freddie Mac loans range from $2.9 million to $15.9 million. The 15-year loans feature 30-year amortization schedules. Brett Hood of NorthMarq’s …

Bellwether Enterprise Arranges $15.1M FHA Loan for Refinancing of Workforce Housing Property in North Dakota

FARGO, N.D. — Bellwether Enterprise Real Estate Capital LLC has arranged a $15.1 million loan through the Federal Housing Administration for the refinancing of Arbor Courts, a 150-unit workforce housing property in Fargo. Built in 2015, the four-building property is located at 3900 56th St. Monthly rents range from $800 to $1,200. Mike Polencheck and Jon Killough of Bellwether Enterprise arranged the loan on behalf of the borrower, Arbor Courts LLC, an affiliate of Epic

CBL Properties Unveils Redevelopment Plans for Former Herberger’s Store in Bismarck, North Dakota

BISMARCK, N.D. — CBL Properties has unveiled the first phase of redevelopment plans for the former Herberger’s department store at Kirkwood Mall in Bismarck. Three fast-casual restaurants, including Five Guys, Blaze Pizza and Chick-fil-A, will join the mall. As part of the project, roughly 40,000 square feet of the former Herberger’s will be demolished. The remaining 52,000 square feet will be utilized in future phases of redevelopment. An additional pad site will be created in the …

IRET Sells Five Apartment Communities in Bismarck, North Dakota for $24M

BISMARCK, N.D. — IRET has sold five apartment communities comprising 414 units in Bismarck for an aggregate price of $24 million. The properties include Crestview, Kirkwood Manor, North Pointe, Pebble Springs and Westwood Park. Proceeds from the transaction will be utilized to pay down borrowings on IRET’s revolving line of credit. The company plans to increase its presence in target markets of Denver and the Twin Cities, according to Mark Decker Jr., president and CEO. The buyer was not …

Cardon Global Opens $273M Williston Basin International Airport in North Dakota

WILLISTON, N.D. — Cardon Global has opened the Williston Basin International Airport (XWA) in Williston, located approximately 215 miles northwest of Bismarck. Development costs were estimated to be $273 million.The 100,000-square-foot airport includes four gates and three passenger boarding bridges as well as a 50-seat bar and restaurant. XWA is the first ground-up commercial airport built in the Midwest since the 1940s, according to the developer.“Prior to the completion of XWA …

Kraus-Anderson Completes Construction of $12M Ambulatory Surgical Center in North Dakota

BISMARCK, N.D. — Kraus-Anderson Construction Co. has completed construction of a new ambulatory surgical center for Bismarck Surgical Associates at 106 E. Greenfield Lane in Bismarck. The new facility will provide same-day surgical procedures. Designed by Sperides Reiners Architects, the $12 million facility features five operating rooms and 20 pre-operation and recovery rooms. The 36,450-square-foot property also includes a sterile processing area and decontamination room as well as an …

Kraus-Anderson Completes Construction of Hornbacher’s Grocery Store in West Fargo

WEST FARGO, N.D. — Kraus-Anderson has completed construction of a new Hornbacher’s grocery store in West Fargo. Located at I-94 and Sheyenne Street, the 61,000-square-foot property features an in-store pharmacy, Caribou Coffee and a 3,458-square-foot wine and spirits store. A seating mezzanine area overlooks the sales floor, which includes fresh produce, sushi, a deli, bakery, meat department, flower shop, popcorn shop and juicery. Hornbacher’s operates in Fargo and Moorhead, Minn. Its …

FCPT Buys Six Red Lobster Restaurant Properties for $25.9M

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

NKF Arranges $77.2M Construction Loan for Mixed-Use Development in Fargo, North Dakota

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 …

Marcus & Millichap Brokers $5.5M Sale of Retail Property in Grand Forks, North Dakota

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

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