RAPID CITY, S.D. — Marcus & Milichap has brokered the sale of Northgate Plaza in Rapid City for $4.3 million. The 173,678-square-foot retail center is located at 1111 E. North St. Kmart and Family Dollar anchor the property, which is 74 percent occupied. Karly Iacono of Marcus & Millichap represented the seller, a private investor, and the buyer, a developer.
SIOUX FALLS, S.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko in Sioux Falls for $11.7 million. The 90,585-square-foot building is located at 1601 W. 41st St. The property is near big box retailers such as Walmart Supercenter, Target, Costco and Menards. There are over 17 years remaining on Shopko’s lease, which expires in December 2035. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Texas-based REIT. A local real estate investor purchased the asset.
NORTH SIOUX CITY, S.D. — Sterling Computers has purchased an 82,829-square-foot office building in North Sioux City for $4.7 million. The property, which is connected to a 105,938-square-foot distribution center, is situated on 5.7 acres within the former Gateway Computer Campus. Chris Bogenrief of NAI United represented the seller, Keating Resources, in the transaction. Keating purchased the 750,000-square-foot, six-building campus in January and plans to sell all of the buildings to local companies.
RAPID CITY, S.D. — Love Funding has provided a $24.2 million FHA-insured loan for the construction of Moon Meadows Apartments in Rapid City. The 160-unit multifamily property will feature a mix of one-, two- and three-bedroom floor plans within eight garden-style buildings. Climate-controlled hallways will link garages to unit entrances. Consolidated Construction Co. Inc. is building the property. Way Architects PC designed the project and Vertex Property Management will manage the community. Moon Meadows Apartments is part of the Moon Meadows Park development, which will include an office building, hotel, retail space and a new medical office park.
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.
HOWARD, S.D. — The Boulder Group has negotiated the sale of a 9,026-square-foot property net leased to Dollar General in Howard, approximately 70 miles northwest of Sioux Falls, S.D., for $1.1 million. The newly constructed property is located at 23300 435th Ave. along Highway 34. Randy Blankstein and Asher Wenig of The Boulder Group represented both parties in the transaction. A Northeast-based private investor purchased the property from a Midwest-based developer. Dollar General has over 14 years remaining on its lease.
NORTH SIOUX CITY, S.D. — Keating Resources has purchased the Gateway Computer campus in North Sioux City for $5.7 million. The 750,000-square-foot industrial facility is the largest building in the state of South Dakota, according to Keating. The building was constructed for Gateway in six phases from 1989 to 1997 for an estimated cost of over $70 million. The building, which is 61 percent occupied, will be repainted in the summer of 2018 with a cow pattern paying homage to Gateway’s brand. The building will be rebranded Gateway Business Center, and located within the Gateway Business Park, which was developed by Berkshire Hathaway and is owned by MidAmerican Energy. Chris Bogenrief of NAI United, Jere Hench of Colliers International and Robert Litz of Farmers National Co. were the brokers for the transaction.
FLANDREAU, S.D. — Dougherty Funding has provided a $12 million loan for the second phase of the renovation and expansion of Royal River Casino and Hotel in Flandreau, located in eastern South Dakota. The funds will be used to renovate the bingo hall into a VIP lounge, as well as make improvements to the gaming and poker room. Plans also include the addition of an administrative building that will connect directly to the casino. Dougherty arranged the financing for the Flandreau Santee Sioux Tribe of South Dakota, which has owned and operated the property since 1990.
RAPID CITY, S.D. — Home2 Suites by Hilton Rapid City has opened near Interstate 90 at 621 WaTiki Way. The hotel features 107 suites with fully equipped kitchens. Amenities include complimentary Internet, laundry, fitness area and daily breakfast. Liv Hospitality LLC owns and manages the hotel.
MITCHELL, S.D. — Dougherty Mortgage LLC has arranged a $3.5 million Fannie Mae loan for the refinancing of Pheasant Ridge Village Apartments in Mitchell, in southeastern South Dakota. The property consists of 64 apartment units and was built in 2014. The 15-year loan includes a 30-year amortization schedule. The loan was arranged through Dougherty’s Minneapolis office for the borrower, Pheasant Ridge Village Apartments LLC.