FARGO, N.D. — Marcus & Millichap has brokered the sale of Days Inn Fargo, a 75-room hotel in Fargo. The sales price was not disclosed. The property, originally built in 1993 as a Hampton Inn & Suites, is located at 3431 14th Ave. Southwest. Jon Ruzicka of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Ruzicka, along with Helen Zaver, represented the buyer, a real estate investment trust.
STANLEY, N.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko Hometown in Stanley, located in northwestern North Dakota, for $4.8 million. The 26,004-square-foot property is located at 702 Westview Lane. There are over 13 years remaining on the Shopko lease, which expires in November 2030. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate institution. A Southwest-based real estate investment firm purchased the property.
MINOT, N.D. — Marcus & Millichap has brokered the sale of a retail property net leased to Wells Fargo in Minot, located in north central North Dakota, for $3.4 million. The property is located at 3106 16th St. Chris Lind, Jamie Medress and Mark Ruble of Marcus & Millichap secured and represented the buyer, a limited liability company.
FARGO, N.D. — Vanity Shop of Grand Forks is shuttering all 137 of its Vanity stores throughout 27 states. Tiger Capital Group is conducting the going-out-of-business sale, which is now underway. The Fargo-based clothing store has roots dating back to the 1950s. The announcement follows the company’s filing for Chapter 11 bankruptcy protection on March 1 in the U.S. Bankruptcy Court for the District of North Dakota. The chain offers discount women’s and children’s apparel and accessories. The heaviest concentration of stores is in the Midwest, particularly Minnesota, Iowa, Wisconsin and Ohio. The stores average 3,000 square feet in size and are mostly located in malls. “The company’s difficult decision to close all stores is emblematic of the pressures facing mall-based specialty apparel retailers in the wake of ever-increasing competition from big-box ‘fast fashion’ chains and e-commerce sites,” says Michael McGrail, COO of Tiger Group. Tiger will also liquidate store fixtures and equipment, as well as furniture, fixtures and equipment from the company’s distribution centers. — Nellie Day
BISMARCK, N.D. — Mid-America Real Estate Corp. has brokered the sale of Pinehurst Square East in Bismarck. The sales price was not disclosed. The 114,102-square-foot shopping center is located at the northeast quadrant of Interstate 94 and Tyler Parkway. Tenants include TJ Maxx, Old Navy and Shoe Carnival. Fargo, N.D.-based Dakota REIT purchased the property. Joe Girardi of Mid-America and Jill Dumeland of Dumelands Commercial Real Estate brokered the transaction on behalf of the undisclosed seller.
FARGO, N.D. — Dougherty Funding LLC has closed a $12 million loan for the acquisition of the Radisson Hotel Fargo in Fargo. The 151-room hotel is located across the street from the Fargo Civic Center. The borrower was 201 Hospitality. Dougherty Funding served as lead lender and servicer for the loan.
GRAND FORKS, N.D. — Marcus & Millichap has brokered the sale of a property net leased to Caribou Coffee and Einstein Bros. Bagels in Grand Forks for $1.8 million. The 2,558-square-foot space is located at 1225 S. Columbia St. Sean Doyle, Matthew Hazelton, Adam “AJ” Prins and Cory Villaume of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a developer. Mark Ruble and Jamie Medress of Marcus & Millichap secured and represented the buyer, a partnership. Regional Manager Craig Patterson assisted in closing the transaction.
BISMARCK, N.D. — Mid-America Real Estate Corp. has arranged the sale of Pinehurst Square West, a 69,119-square-foot shopping center in Bismarck. The sale price was not disclosed. The center is located at the northeast quadrant of I-94 and Tyler Parkway and is anchored by Best Buy, PetSmart and Dollar Tree. Joe Girardi and Ben Wineman of Mid-America Real Estate, in cooperation with Jill Duemeland of Duemelands Commercial Real Estate, were the exclusive brokers in the transaction on behalf of the seller. Dakota REIT was the buyer.
FORT TOTTEN, N.D. — Fort Totten Public Schools is planning to build the first net-zero energy consumption school on tribal land in the country. A net-zero school is an energy-efficient building that produces more energy than it consumes every year. Located on the Spirit Lake Reservation, the school will be the first on tribal land and the first in North Dakota. Scheduled for completion in the 2017-2018 school year, the facility will feature classrooms, lab space for six teachers, bathrooms, storage areas and offices. Features contributing to the school’s net-zero status will include solar panels, a ground-source geothermal heating and cooling system, high-efficiency water-to-air heat pumps, energy recovery system for free heating and cooling, variable-speed fans and pumps to minimize excess energy use, occupancy sensors for demand-based lighting, LED lighting, solar tubes for free lighting, specially insulated walls and roofs, and triple pan windows. Construction is slated to begin this month, and the school will be located adjacent to the Four Winds Community School. DSGW is the architect for the project, Obermiller Nelson Engineering is providing mechanical and electrical engineering, and Shingobee Builders is the construction manager.
DUBLIN, CALIF. — Ross Stores has opened 25 Ross Dress for Less and nine dd’s DISCOUNTS stores across 16 different states in September and October. These new locations round out the company’s 2016 expansion plans to add approximately 90 locations during the year. Ross Stores, Inc. is headquartered in Dublin, Calif., with 1,342 stores in 36 states, the District of Columbia and Guam. The company also currently operates 193 dd’s DISCOUNTS in 15 states.
