North Dakota

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

by Alex Patton October 11, 2019

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 airport, the region was lacking the capacity, ease and essential airport amenities necessary to inspire travelers flying in and out of Williston,” says Don Cardon, CEO of Cardon Global. “In designing a vision for the airport to serve the region for decades to come, we’ve collectively tried to anticipate the needs of today’s travelers. That means providing an amazing mix of amenities, access, comfort and enjoyment to make the process of air travel much more enjoyable and productive moving forward.” The airport is functionally replacing Williston’s now decommissioned Sloulin Field International Airport, which was built in 1947. Forbes reports that Sloulin Field accommodated about 148,000 passengers, down from about 240,000 in 2014. Those numbers are up from 22,000 in 2009. So far, 2019 has seen a 22 percent increase …

October 11, 2019

Development Healthcare Midwest North Dakota

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

by Kristin Harlow July 30, 2019

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 administrative area. The basement houses all mechanical, electrical and medical support equipment.

July 30, 2019

Development Midwest North Dakota Retail

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

by Alex Tostado May 21, 2019

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 first store opened in Moorhead in 1951. The West Fargo store is the company’s eighth location.

May 21, 2019

Acquisitions Hospitality Indiana Midwest Minnesota North Dakota

FCPT Buys Six Red Lobster Restaurant Properties for $25.9M

by Kristin Harlow December 19, 2018

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.

December 19, 2018

Loans Midwest Mixed-Use North Dakota

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

by Kristin Harlow November 29, 2018

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.

November 29, 2018

Acquisitions Midwest North Dakota Retail

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

by Kristin Harlow September 24, 2018

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.

September 24, 2018

Acquisitions Industrial Midwest Net Lease North Dakota

Boulder Group Brokers $5.7M Sale of Property Net Leased to Insurance Auto Auctions in Fargo, North Dakota

by Kristin Harlow September 17, 2018

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.

September 17, 2018

Acquisitions Midwest Multifamily North Dakota

IRET Sells 477-Unit Multifamily Portfolio in North Dakota for $42.3M

by Kristin Harlow July 27, 2018

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.

July 27, 2018

Loans Midwest North Dakota Retail South Dakota

Dougherty Provides $25.2M Refinancing of Five-Property Retail Portfolio in the Dakotas

by Kristin Harlow February 28, 2018

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.

February 28, 2018

Healthcare Midwest North Dakota

Neenan Co. Completes Construction of 55,300 SF Medical Facility in Hazen, North Dakota

by Kristin Harlow November 15, 2017

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.

November 15, 2017

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