REBusinessOnline

ADM to Build $350M Soybean Crushing Facility in Spiritwood, North Dakota

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 …

SRS Brokers $2.3M Sale of OfficeMax-Occupied Property in North Dakota

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 …

MedProperties Acquires 42-Bed Inpatient Rehab Facility in Fargo, North Dakota

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 …

Amazon Unveils Plans for First Fulfillment Center in North Dakota

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 …

Marcus & Millichap Brokers Sale of Seven-Property Self-Storage Portfolio in Minnesota, North Dakota

MINNESOTA AND NORTH DAKOTA — The LeClaire-Schlosser Group of Marcus & Millichap has brokered the sale of the Storage Max Portfolio, a seven-property self-storage portfolio located across Minnesota and North Dakota. The portfolio totals 382 non-climate-controlled units and 48,710 net rentable square feet. Chris Kampmeyer and Adam Schlosser of Marcus & Millichap’s Denver office marketed the portfolio on behalf of the seller, a local limited liability company. Neither the buyer nor the …

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 …

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